Green Wood Residency- Survey 46, Super Hwy, Dist. East, Gadap Town, Karachi

NEW BUYERS! BE AWARE

Current Details

Orient Housing Services initially launched the sales of Billy’s Green Wood Residency’s units in 2004/2005. Hafeez ur Rehman Butt announced the project with 28 Duplexes, 112 Cottages, 4 towers with 138 apartments in each tower, shops and other amenities like private car parking, servant quarters, tennis courts, swimming pool, club house, shops and masjid etc., a total of 692 residences. Cottages are 1,200 sq ft each, Duplexes are 2,700 sq ft each and apartments of towers have different sizes in between 1,668 and 1,900 sq ft.

According to the current management project now is owned by Bismillah group while on their current brochure and newspapers ads name is Orient Housing Services same as before. Current management says that duplexes and few cottages are ready for possession and tower 1 will be completed in between July and August of 2022. Structure of only 4 floors of tower 3 is constructed so far and tower 2 and tower 4 are nowhere. There is no gas connection and electricity is provided through generators with a rate of Rs. 27 per unit. Maintenance fee of cottage is Rs. 7,000 per month and maintenance fee of duplex is Rs. 9,000 per month. Management says that tower 3 will take another 4 years to be completed. Few of amenities are completed but with no maintenance except partial landscaping which is maintained to use as bait to lure new buyers.

Orient Housing Services aggressively launched the sales of Billy’s Green Wood Residency’s units again in December 2021 with following new sales prices.

Cottage = Rs.11,000,000 One Crore Ten Lacs

Duplex = Rs.20,000,000 Two Crore

5 Rooms Apartment (Type A) = From Rs.13,400,000 to Rs.14,000,000

Their ad published in Jang on 18th Dec. 2021 which is posted here shows 5 rooms apartment’s price for only Rs. 79 Lacs but in front of it (with loan) is written in very fine print which you can see with a magnifying glass. "Expected HBFC loan of Rs. 55 Lacs" is shown in the payment schedule. That loan will never be approved again and buyers either will become defaulter or will be forced to cancel the apartment after few years if unable to pay. It indicates same game again. Payment schedule is exact same predatory as before. Builder will take 90% payments upfront most of them on monthly basis regardless the progress on the project.

What a Business Model

Buy or lease the land. Book and sell to 450 buyers during first phase. Promise to the buyers for HBFC loan, then declare no approval of loan and force them to pay cash. Charge additional amounts to the buyers and threaten them to cancel if they don’t pay. Use 25% of deposits for 25% construction and shift 75% money to somewhere else for other project/s. Give possessions to 5% buyers to become your mouthpiece for publicity. Make 55% buyers defaulters for minor reasons and issue threats to cancel. Don’t return back their money for 16 years even after cancelation until money is devalued to only one third in value. Ask from remaining 40% buyers price escalation up to 60% more than previously agreed amount. And if not paid then don’t give them possession. Show on papers that management has been changed and start it over again with new buyers in phase 2 to repeat the same game again. Old and new management can share fifty/ fifty under the shelter of ABAD.

What do you think?

Green wood residency fraud