TAHIR MAHMOOD, Thursday, July 29, 2010 07:59 AM,

Dear CMY,

Thank you for sparing your precious time for analysis and advice about Bankers City Phase II Rawalpindi. I was waiting for long time. Now I want to share my knowledge about bankers phase II.

I confirmed about the layout plan and NOC from my cousin who is doing job in Rawalpindi Municiple Corporation before booking one file of 16 Marla of Bankers City Phase II Rawalpindi. He told me that the Layout plan is approved. And it is located at Gorakhpur Rawalpindi.

It was my second experience of investing in property after taking profit of Rs.30,000 by selling 5 marla plot in Bahria Town Phase 9. I am a computer professional and doing a private job and new to property and stocks business.

Bankers City claimed in its launch that it was situated near phase 9 of Bahria Town. There was an ad in newspaper from Bahria Town after the launch of this scheme that no scheme is present near it�s phase 9 in the range of 8 to 10 Kilometer. Bankers answer it by their AD that their location is near to Bahria Town Phase 9.

Price of file (only receipt) of 16 Marla was increased upto Rs.110,000 after the launch of this scheme.

After some days file was available on same rate as was on booking (Rs.92,000).

Now the rate of file become negative and available on 82,000 (only open file).

The opening fee is Rs.6,000 for 16 marla file. Hence the cost of 16 marla file is as follows:-

Form Rs. 300
Down Payment Rs.92,000 including membership fee Rs. 2,000
File opening Fee Rs. 6,000 for 16 marla file
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Total Cost 98,300

Current Rate 82,000
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Net Loss 16,000
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As advised by CMY to take loss at present , I am not in position of taking this loss before paying first installment (last date is 30-06-2005) because bankers city announced that files will be opened or transferred after 20th june, 2005 only when the first installment is paid.

Now only those files can be sold (on loss) which are opened and other people have to pay the first installment who have not opened their files before 20-06-2005. Fine will be charged on late payments of installment as advertised in newspaper by Bankers.

Following are Negative and Positive aspects of Bankers City as I know.

The Negative aspects of Bankers City Phase-II Rawalpindi :-

1-Electricity charges are not included in total price and we don�t know how much they will charge for it.

2-No date for ballot or start of development work yet as written by CMY

3-Their website is not updated and it is as it is from the time of launching. We can call it an ad not a website.

4-They trapped the file holders to pay the first installment before selling files on loss after 20 June 2005.

5-They did not got NOC for Bankers City Phase I Islamabad from CDA yet.

The positive aspects of Bankers City Phase-II Rawalpindi

1-Location (near Phase 9 and Proposed DHI-III) as they claim.

2-Layout Plan approved from RDA and NOC as they claim.

3-There name was not included in the list of illegal schemes issued by TMA Rawalpindi. While Bahria Town Phase 8 anf 9 was included in that list.

4-Easy Installments of Rs.33,750 for 16 Marla after three months (compare it with 5 marla Bahria Town Phase 9 installment which is 37,000 after three months)

5-Total Price of 16 Marla Plot is Rs.900,000 while Bahria Town 10 Marla Plot cost is Rs.800,000

With best regards

Thanks CMY again.

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