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Cooperative Housing Society

Cooperative Housing Society

Background

Ministry of housing society is being established in the new sector G-16 on main Kashmir highway. The housing society is linked to G-15 as well from one side. In 1984, this housing scheme was registered for ministry of interior workers and in 1994, complete allotment of the land was done to everyone. However no development work started until 2003 when the then elected Miniter of Interior Brigadier (R) Javed Iqbal Cheema became the administrator of the society and remained in the position till 2008. Afterwards, new committee was elected and the plotting system and prices changed due to many reasons.

Current status

There are currently two phases of the society : one phase is developed and the other phase is not. The prices of the plots in the developed parts of the society are starting from 75 lac to 95 lac rupees for 30×60 and 7 marla plots, from 90 lac to 1 crore 5 lac rupees for 35×80 plots, from 1 crore 40 lac to 1 crore 60 lac rupees for 50×90 plots, and from 2 crore to 2 crore 50 lac rupees for 70×110 plots. The commercial plots can also be bought between prices varying from 1 crore 80 lac to 2 crore 25 lac rupees depending upon the locations and other factors.

In the non developed phase of the housing society, plots are available at much lower rates starting from as low as 15 to 22 lac rupees for 30×60 plots, from 28 lac to 35 lac rupees for 35×80 plots, from 32 lac to 45 lac rupees for 50×90, and from 58 lac to 75 lac rupees for 70×110 plots.

The transfer process for plots is very easy and the allotment letters are granted within 15 days. The possession is also given in the offered time and the permission to start construction is granted.

What is co-operative housing society?

Cooperative housing society is a scheme where everyone who buys or books a property is considered as its owner in accordance with their shares . Moreover , the authorities of co-operative housing society include Co-operative department Islamabad , Administration department ,  NAB , FIA , Governmental departments, and Islamabad High Court . Since Co-operative housing society was made for the members of Interior ministry , in the beginning  plots were only allotted to the members of Interior Ministry on receiving the payment from them but later on, it started benefitting the other people as well hence they were also given transfer of plots so the booking opened for everyone eventually. In Co-operating housing society , after every 3 years , a management committee  is selected that works for the housing project for 3 years , like purchasing a land , development of the project or the allotment .The management committee consists of 9 members. The audit is conducted annually by FIA or NAB.

Developed Sector Vs. Non Developed Sector:

If you want to invest in the society, invest in the developed area or up to the  area where the society has a clear land . Purchasing a land that is outside of the premises of the society would be like wasting all your money at this point because the development in that part is a far cry right now.

It is a housing scheme launched under the name of blue world city. It is near the Rawalpindi ring road. The project offers easy installment plans and affordable budgets to own plots within a short time span.



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