Investors Vexed By Delays In The Provision Of Possession Of Property In DHA Valley
DHA Valley is a joint venture of DHA, Habib Rafique Limited and Bahria Town. This project has come under criticism after the advertisement of the fact that DHA refused to accept last instalment payments implicated with the project, as plots were subject to delay for handing over the possessions to members.
Although the agreement entails the provision of a clause pertaining to the delay and the BT officials are of the view that delay is temporary and plots would be handed over to the owners after completion. Nevertheless, the affected individuals of DHA Valley are considering filing a case of litigation against DHA.
The project was signed on 16th August, 2008 and the respective signatories of the project were Malik Ritz of BT, Brigadier (retired) Javed Iqbal (DHA Administrator) and Zahid Rafique of HRL. According to the project, HRL and BT were responsible for the development of over 40,000 kanals of land for DHA Valley.
Following the launch of project in 2008, about 41,000 defence personnel, 110,000 civilians and the personnel of armed forces applied with DHA. After the 12th instalment the respective authority was obligated to hand over the possessions of plots to members. In September 2011, when the members were supposed to submit their last instalments, DHA restrained the members from releasing the instalments till further orders.
Riaz Hanif, who is a member of DHA Valley’s association and a victim of DHA Valley delay, mentioned that in order to safeguard the interest of investors, an association has been formed to fight a legal battle with land developers and DHA. According to Riaz, the association demands an immediate completion and handing over of plots to respective members.
These delays are of high concern for the investors of DHA Valley, as they are uncertain about the future prospects of DHA and other related property developers.