Capital Smart City New Surcharge, Cancellation & Transfer Policies
Capital Smart City is a grand housing project by FDHL. It is situated at one of the most auspicious locations of the twin cities, i.e. Motorway M-2 Islamabad. Capital Smart City is the first smart housing project in Pakistan preceded by the 2nd of its lineage in Lahore named Lahore Smart City. It is ranked as the 4th smart city project of the Asian continent.
Capital Smart City is one of the few housing projects that cater to the needs and demands of its members, and always bring out policies/offers to facilitate them in the best way possible. Capital Smart City has announced some important policy changes that are meant for the benefit of its members. These policies pertain to Surcharges, Development Charges & File Transfer.
Following are the details of the good news announced by the CSC administration for esteemed members:
Surcharge Wavier
Previously, Capital Smart City management took some steps towards the non-paying members of the society. After warning them multiple times, they implemented a heavy surcharge on the due installments of plots including development charges. Members who had not cleared the dues in time had to pay additional amount as surcharge.
The good news is that CSC management has waived off all the surcharges on the files and plots. Now, members can pay their installments without additional costs. Furthermore, such members, who have already paid any surcharge, will also benefit from the offer, as their surcharge amount will be adjusted against their due or outstanding installments.
Deferral of Development Charges
This is yet another major good news for the members, and the administration has taken this step to facilitate customers in the current economic distress. As per the official statement, the development charges of certain blocks have been deferred until 31st July 2024. These blocks include Overseas Central, Overseas Prime, Harmony Park Overseas Central and Harmony Park Overseas East.
Overseas East Block is exempted from this policy because its development charges were to be paid by December 2022.
Implementation of Old Transfer Policy
As you already know, the management of Capital Smart City implemented a new transfer policy for plots. This new policy was a bit confusing and had more conditions as compared to the past policies, therefore many clients found it to be troubling. A Plethora of requests were received by the management to relax the transfer policy and hence the management has come up with a time-bound relaxation in the transfer policy to facilitate its members.
As per the current amendment in transfer policy, all residential and commercial non-cancelled files can now be transferred with minimum payment as listed above. Especially, for files active since 2018 onwards, there is huge relief as you just need to make partial payment and get your plot transferred.
This relaxed transfer policy will remain valid till 31st of March, 2024 followed by another transfer policy (given above) that will apply till December 31, 2024.
Cancellation Policy
This is another important policy decision by Capital Smart City management which is a huge sigh of relief for thousands of members whose files had been cancelled due to non-payment. The society has given a limited time opportunity to apply restoration of files by paying at least 50% of plot price by or before September 15, 2023.
This file restoration policy shall apply to those files which were cancelled with 21% to 35% paid amounts, so the files cancelled at 10% or 20% payments still remain cancelled.
Final Word
The development work in Capital Smart City is being carried out consistently and vigorously without any hurdles so that the promised plots can be handed over to the owners for construction of their homes. These consumer-friendly policies are bound to improve the overall market situation of Capital Smart City & boost investors’ confidence during this tough period.
Stay tuned to Manahil Estate for more news and updates on the leading housing projects in Islamabad and Rawalpindi. Contact us for authentic and reliable real estate consultancy!
