ESTIMATION OF LOOT BY THE BUILDERS OF GREEN WOOD RESIDENCY
Estimation of Loot by the Builder:
More than 450 persons, many foreign settled, paid an average of Rs. 4,590,000 per person (equivalent to US$ 66,081) in between 2005 and 2010 to the builder of Green Wood Residency. This constitutes to a total of more than Rs. 2,065,500,000 or equivalent to about 29.74 Million US Dollars with past mean rate of 1 US$ to 69.46 Pak Rupees.
Time value of this loot of $29.74 Million Dollars with 12% annual rate in 13 years becomes $129.77 Million US Dollars equivalent to Pak Rupees 22,060,900,000 (22 Billion, 60 Million, 900 Thousands) with current rate of 1 US$ to Rs. 170. Calculate Here:
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
Average currency rate of USD in 2005 = Rs. 59.55
Average currency rate of USD in 2006 = Rs. 60.17
Average currency rate of USD in 2007 = Rs. 60.66
Average currency rate of USD in 2008 = Rs. 70.08
Average currency rate of USD in 2009 = Rs. 81.39
Average currency rate of USD in 2010 = Rs. 84.92
Mean rate of 1 USD in all above 6 years was Rs. 69.46
Estimation of Buyer’s Losses per Unit:
Average per person Rs. 4,590,000 investment in Green Wood Residency was equivalent to US$ 66,081.
The passive investment of $ 66,081 in the USA with only 12% rate in 13 years will become US$ 288,344 which is equivalent to Pak Rs. 49,018,480 with current Dollar rate of 170 Rupees. That is Rs. 4 Crore, 90 Lakh, 18 Thousand, 4 Hundred & Eighty.
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
Looking at the annualized average returns of benchmark indexes for the ten years ending June 30, 2019 shows: S&P 500:14.70% Dow Jones Industrial Average: 15.03% Russell 2000: 13.45%
https://www.macrotrends.net/1358/dow-jones-industrial-average-last-10-years
You can make 12% to 30% per year in passive investment in Pakistan by investing into mutual funds. Funding in many companies will double your money every 5 to 7 years.
https://dnd.com.pk/5-ways-to-make-passive-income-in-pakistan-and-why-is-it-important-in-2020/176396
Historically rental income of 12.5 years in Karachi is equivalent to the whole purchase price of the house at the beginning of rental income. You can add up the appreciated value of the unit of Green Wood Residency considering the average appreciation rate in the last 12.5 years in Karachi. Ask Green Wood Residency’s builder that for how much they are selling a unit now and compare the price of the same unit to what you paid off about 12.5 years ago and calculate the ratio of appreciation by yourself. Add up rental income and appreciated value and this sum is your total loss.
So dear victims of Green Wood Residency, how are you going to recover your losses?
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USEFULL ADDRESSES:
NAB, SBCA, MDA, CBM, ABAD
https://nab.gov.pk/ +92-51-9207012
National Accountability Bureau, Karachi
PRCS Building، 197/5 Dr Daud Pota Rd, Karachi 02199203471
https://en.wikipedia.org/wiki/National_Accountability_Bureau
With its chief headquarters located in Islamabad, it has four regional offices in the four provinces, as well as the four capital territories of Pakistan.
http://www.sbca.gos.pk/ Sind Building Control Authority
Civic Centre, Annexe, University Road, Gulshan-e-Iqbal, Karachi
021-99230329, 021-99231890, 021-99231834 sbca@sbca.gos.pk
https://mda.gos.pk/ Malir Development Authority
G-4/B, Block-17 Gulshan-e-Iqbal Karachi, Pakistan
info@mda.gos.pk 021-99244770 021-99244766
http://cbmalir.gov.pk/en Cantonment Board Malir
Bostan Lines Malir Cantt, Karachi pa.cbmalir@gmail.com
Phone: 021-99247077 Fax: 021-99247066
https://abad.com.pk/ Association of Builders and Developers of Pakistan
ABAD House, ST-1/D, Block-16, Gulistan-e-Jauhar, Karachi
info@abad.com.pk 111-11ABAD(2223)
Mon – Sat 9:30 am – 3:00 pm
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