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via HOMES PAKISTAN :: 7 Marla 3 Bedroom(s) House For Sale in DHA Phase 5, Lahore By Farooq Bhais Real Estate.

Realtors not in favour of sale of plots

ISLAMABAD, June 15: The scandal of the alleged money transactions between Malik Riaz’s relatives and Arsalan Iftikhar, and the suo motu notice by the Supreme Court has left several buyers and investors of the Bahria Town project panicky. Any reflexive selling at this time, realtors told Dawn, would only accelerate the fall of property prices.

Dawn had learnt reliably that while earlier the office of Bahria Town at Phase Eight used to be jam-packed, few buyers could be seen hanging around these days. “The office used to be full of people who’d come to transfer plots and even though there are over 15 counters, everyone had to wait for an hour for their turn. But since the scandal broke out, the office remains almost vacant,” a source said.

When this reporter visited the office, a few visitors were present, mostly those who had come for transfers.

One of them was Tariq Mehmood, a property dealer, who this reporter briefly chatted with. “This scandal has badly affected the trading of plots in Bahria Town. Within 24 hours of suo motu notice of the Supreme Court, a number of people contacted me as they wanted to sell their plots but I advised against it as that will only negatively affect the prices of the plots,” he said.

“I feel that after some time, people will forget it and then once again the sale and purchase will resume. Malik Riaz should not have done all that he has done, because his blunder will spoil our business,” he said hopefully. Continue reading