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Possession Schedule of Capital Smart City | Overseas and Executive District 1

possession schedule of capital smart city - possession of overseas and executive block starting from december 2020

Capital Smart City has finally announced the possession schedule of Overseas Block 1 and some sectors of Executive Block-1. The society will start giving possession in December 2020 to members who have cleared all outstanding dues.

In this post, we cover all the details of how the process for gaining possession in Capital Smart City works. Who is eligible to apply for possession? What are the dues and charges payable at the time of possession? Keep reading for all the answers. 

 

Possession of Overseas Block-1

Launched in early 2018, Overseas block-1 will receive possession in December 2020 which means less than two years after booking. Giving possession within two years against a payment plan of 3-4 years is a huge milestone for the management of Capital Smart City and it will set new standards in the real estate industry of Islamabad. 

Since launched, the residential and commercial plots did amazingly well in the market due the news that it will be the first block to get possession. The commercial plots have been selling at a profit of more than 10 lac while the residential plots have been selling at a profit from Rs. 200,000. Click here to see how the prices of Capital Smart City have evolved over time!

The expected time of possession for Overseas District 1 was mid 2020, however, it got delayed due to Covid-19 and the market was anxiously waiting for any firm news about the new date. 

Finally, the possession schedule of Overseas Block-1 has been released and we believe that it will have a major positive impact on the market once again. 

Possession Schedule of Overseas Block-1

The possession will be handed over sector-wise.

Sector A of Overseas block-1 will get possession in December 2020.

Sectors B to E will also be given possession one by one in the coming months until April 2021.

See the schedule in the table below: 

SectorPossession starts fromDues cleared up to
ADecember 202030 Nov 2020
BJanuary 202131 Dec 2020
CFebruary 202131 Jan 2021
DMarch 202128 Feb 2021
EApril 202131 Mar 2021

In order to apply for possession, members will have to clear all outstanding dues before the given deadline.

If you have a plot in Sector A and you wish to apply for possession in December 2020, you will have to clear all outstanding dues before 30th November 2020. 

 

Possession of Executive Block-1 in Capital Smart City

The latest notice by Capital Smart City also has a great news for Executive Block members. Sector B of Executive block-1 will also be given possession in December 2020. 

Executive block was launched in May 2019 with the promise of early possession. General members (non-overseas) were given the option to convert their block to Executive block by paying outstanding and some advance dues. 

December 2020 will mark one and a half (1.5) years since the launch of Executive block. Possession in 1.5 years against a payment plan of 3 to 3.5 years is indeed a major milestone for the management. More on that in the next section. 

Possession Schedule of Executive Block-1 

Here is the possession schedule of Executive block-1 as announced in October 2020. 

SectorPossession starts fromDues cleared up to
AGrand Commercial Area
BDecember 202030 Nov 2020

So, if you have a plot in sector B of Executive block and you wish to apply for possession by December 2020, you will need to submit and clear all outstanding dues by 30th November 2020. 

Is Executive Block really getting possession in 1.5 years?

As already mentioned, possession in December 2020 implies 1.5 years since the launch of Executive block against a payment plan of 3 to 3.5 years. It is indeed a major milestone for the management and will set a new standard in the real estate industry of Islamabad. 

However, it should be kept in mind that Executive block is not different from General block. In fact, there is no General block in Capital Smart City (We covered that here ). Most of the executive members might have booked their plots more than two years before possession. 

Nevertheless, even if you booked your plot during the pre-launch phase at a payment plan of 3.5 years, you will get possession within the stipulated time provided that you have been paying all due installments in time.

Capital Smart City has once again claimed that all members will get possession within 3 to 4 years after the date of purchase given that they clear all dues on time.

Considering the current pace of development, it can be expected that the claim made by Capital Smart City is not empty! 

 

Who is Eligible to apply for possession in Capital Smart City?

You are eligible to apply for possession in Sector A to E of Overseas Block-1 and Sector B of Executive Block-1 (according to the above given possession schedule) if the following applies to you:

  1. You have a balloted residential plot in the mentioned sector and block
  2. You have paid all outstanding dues on your plot
  3. You pay all of the charges applicable to your plot that need to be paid at the time possession

 

What are the Dues and Charges that you need to pay for Possession in Capital Smart City?

First of all, you need to deposit and clear all outstanding installments due on your plot, before the given deadline, to be able to apply for possession. 

The types of charges and dues payable at the time of possession, other than the payment plan, are as follows: 

  1. Development Charges
  2. Utility Charges
  3. Extra Land Charges
  4. Prime Location Charges (including corner, boulevard, etc.)

When do you pay these charges for possession?

Development charges and other applicable charges including Extra Land charges and Prime Location charges are payable at the time of possession.

For the convenience of members amidst the current economic conditions, the society has eased the payment of these charges and allowed to split the payment in four quarters. 

The payment of these charges will start in the 1st quarter of getting possession. The first quarterly payment will accompany possession. So, you can actually start construction work on your residential plot right away! 

Utility charges are to be paid at the time of possession. 

What is the amount of these possession charges? 

Prime location charges can be determined from your payment plan. These charges are provided as a percentage of total price. See the table below for a summary. 

Category%age of Total Price
Facing Park10%
Corner10%
Main Road
(Between 41' and 99')
10%
Main Boulevard
(100' and above)
15%

The exact amount of development, extra land and utility charges have not been announced yet. Stay tuned for more updates! 

 

Summary

Capital Smart City has announced the possession schedule for residential plots in the following sectors of Overseas and Executive blocks starting from December 2020. Refer to the schedule given above for details. 

  • Sector A to E in Overseas block-1
  • Sector B in Executive block-1

You are eligible to apply for possession as per schedule if you have a plot in one of these sectors and have cleared all outstanding dues. 

The dues and charges payable to obtain possession can be summarized into the following points: 

  • Clear all outstanding dues within the possession month, before deadline
  • Pay Utility charges at the time of possession
  • Pay Development charges, Extra Land charges and Prime Location charges in four quarters where you get possession in the first quarter. 

 

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