Exclusive Story:
Staff from Bloom Pakistan.
Islamabad, June 26, 2024: Parkview City’s site office in Islamabad was stormed by hundreds of people who had bought plots in the Overseas block and Golf Estate, on Monday, June 3rd. They were infuriated over delayed possession exceeded 2 years now. Their frustration fuelled by a contemptuous notification issued from the management that linked possession of their plots to the construction of houses.
The notification reads, “We are extremely humbled and happy to announce the possession of members who want to construct their house in Overseas block, subject to terms and conditions. The letters have been issued to priority members who have completed their installment payment plan till June 30, 2023, and possession is being given on first come first serve basis”, so please visit Parkview city site office along with this letter”.
This notification sparked the outrage among the members who felt their hard earned money was being ridiculed by a ludicrous policy. In audios and videos available with the Bloom Pakistan, people at a meeting with CFO of Parkview city at site office can be heard denouncing the policy as insulting, cheating and a scam, and vowed not to invest in Parkview’s future projects. According to them, they were promised multiple times in the past but PV’s management never fulfilled its commitments.
The Overseas block was launched in 2019-20 on a 3-year installment plan. The first balloting took place in July, 2022, followed by a second in Oct, 2022 while possession was promised to be handed over in June, 2023 but society failed to deliver its commitment. The most devastating consequence has to be suffered by members was the depreciation of one third of their total investment after 4 years. For instance, those who bought a 5 Marla plot for 65 lakhs back in 2020 on installments, have paid sum of the amount but its value plummet to around 40 lacs due to the lack of development. Many buyers think they own plots in files, not on land. They are skeptical about society’s capacity to have enough land to accommodate 6000-7000 members. Their doubts supplemented recently following the Parkview city’s decision to abolish the block Golf Estate merging into the Overseas block, asking customers to switch onto the Overseas block if they want earlier possession. The Golf Estate block, launched in 2021 with a promised date of possession after 2 years in 2023 but again commitment remained unmet.
Buyers who invested in Golf Estate also suffered immense losses. They purchased a 5 Marla plot for 60 lacs three years ago but trailing on 40 to 45 lacs now because it exists only on papers. There were approximately 2000 to 3000 members in Golf Estate, given option to deposit early installments to secure plots in the Overseas block. Those who opted the option have to pay hefty category change charges but yet to receive possession. It is worth noting that even Possession of the J block, launched before the Overseas block, had delayed significantly.
During the meeting with aggrieved customers, CFO Mr. Ihsan admitted that Parkview City couldn’t concentrate on the development of the Overseas and Golf estate blocks diverting all its resources to develop the downtown project. Development work started in January so we will be able to deliver the possession after some time by now. When pressed about provision of essential amenities like electricity, gas, and water needed for construction, the CFO had no logical answer, further infuriated the protesters who felt forced to begin the construction without necessary facilities.
Protesters also criticized the unprofessional and rude behavior of the management in general. They complained that members who are outspoken faced cancellation of plots on minor reasons unlike sector’s practice which they view as a big fraud. They accused Parkview’s team and management for not responding after sale of plots.
A young Professor came from Germany, in a heated argument with the CFO during the meeting, said, “overseas Pakistanis had invested billions of rupees in Parkview in 2019-20, only to be told that they can’t obtain possessions of their own plots after 4,5 years. We were your partners not beggars but you have cheated us. It’s like we are getting some favour instead of our legitimate right. He pledged that overseas Pakistanis will never invest with Parkview in the future”. Other members in meeting echoed the similar sentiments, pleading that they purchased plots with various purposes instead of constructing homes only. Everyone has his own compulsion and financial
constraints. This is their money so their land should be handed over. They argued that controversial policy will incur them substantial loss further as their plots had already got depreciated by millions below their actual prices. They protested that they can’t sell their plot of 65 lakhs in 40 lakhs or less due to the lack of development and poor decision making by management. They demanded immediate possession without any condition.
The CFO assured the protesting plot holders that the society would reveal the map soon and allocate plot numbers but these promises yet to be materialised till date. Audio recordings also corroborate that London office of Parkview city/Fairdeal was also stormed by protesters, demanding possession. They threatened legal action in London courts against Fair deal/Parkview city, alleging fraud. They also lamented poor post sale services of the society. Rumors are circulating about the potential closure of several onshore and offshore offices of Parkview City/Fair deal in the near future.
