+- Pakistan Real Estate Times - Pakistan Property News (https://www.pakrealestatetimes.com)
+-- Forum: Pakistan Real Estate / Property News (/forumdisplay.php?fid=1)
+--- Forum: Latest Pakistan Property & Economic News (/forumdisplay.php?fid=4)
+--- Thread: KARACHI: DHA told to file pacts with foreign builders (/showthread.php?tid=9228)
KARACHI: DHA told to file pacts with foreign builders - Lahore_Real_Estate - 12-14-2009 12:22 PM
Submitted by Overseas on Sat, 12/12/2009 - 16:38
The Sindh High Court on Friday directed the Defence Housing Authority administrator to file all agreements that the authority has signed with foreign builders regarding the construction of mega projects in the DHA area till December 16.
The petitioner, Adil Jilani, approached the SHC against alleged frauds committed by the builders of multi-billion rupee mega projects in the DHA.
He stated foreign builders were imposing heavy penalties on buyers who were unable to pay their regular instalments. He contended that building by-laws do not permit a penalty of more than four percent of the paid instalments and in case of cancellation of unit from the builder or buyer, however the builders were deducting 30 percent of the unit price, he claimed.
In many cases, the builders were booking the same unit to multiple buyers, thus blackmailing the general public who invested in their projects, and prayed the court to order the DHA to eliminate such fraudulent practices of developers.
The SHC division bench directed the DHA to file the agreements signed with the foreign builders as well as agreements with individual people, who had booked apartments in the projects, to show on what terms and conditions they were given.
The court also repeated the notice to Cantonment Board Clifton CEO and issued notices to chief executives of the foreign building companies to file comments on the next date. ppi