The prices of Capital Smart City Smart Villas files have been escalated by the company due to the current tumultuous economic situation in the entire country. Due to rising inflation and increased construction costs, the company has increased the prices for the existing payment plans of Smart Villas. This implies that the prices have increased and Capital Smart City villas payment plan will also be updated. However, the society has offered discounts on late payment charges to facilitate its members.
Related: Read our detailed article on how the economic situation in Pakistan has affected the real estate industry
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Price Escalation Policy of Smart Villas
As said earlier, the price policy has been revised for Smart Villas in Capital Smart City due to the current high inflation in the construction industry. This implies that the prices have increased and Capital Smart City villas payment plan will also be updated.
However, the society management has devised categories of paid payments to which the new policy will or will not be applicable. Read on to find out!
Category I – Old Payment Plan Still Valid for 80% -100% Paid
Members who have been paying regular installments and have completed between 80% to 100% of the total price are exempt from the new payment policy which means they will be paying their remaining dues as per the old price plan.
However, they must submit their outstanding payments by 10th October 2022.
The old payment plan of Capital Smart City Smart Villas is attached below:
Category II – New Price Policy Applicable for 30% – 80% Paid
The members whose payments are between 30% to 79% will be subjected to pay according to the new price escalation policy, which means their remaining installments will be paid as per the new rates.
Category III – Separate Policy for below 30% Paid
The policy will be devised at a later stage for smart villas files whose payment is in an earlier phase. This includes files with only 10% to 29% paid.
Incentives to facilitate Members
To facilitate the members, the society management has decided that:
- The escalated price will only be charged on the balance amount whose payment receipts have not been issued. (refer clause 26, Property details on booking form).
- The surcharges on late payments will be waived as well (refer clause 11, Payment details on booking form).
- Members are advised to avail this facility before 10th October 2022, otherwise, it shows members’ willingness for refund.
If you are not willing to pay the installments according to the revised escalated prices, you will be offered a 100% refund of your paid amount excluding MSI processing charges.
About Smart Villas
The Smart Villas in Capital Smart City are being constructed in Overseas and Overseas Prime Block. The constructed villas will have modern architecture and will be equipped with smart features to offer a smart lifestyle to its residents.
Available in 4 different sizes (5. 7, 10, 12 marla), Smart Villas are offered in three variant designs:
- Contemporary Villas
- Mediterranean Villas
- Georgian Villas
Read more about Smart Villas by Capital Smart City!
The construction of Smart Villas is well underway. Read our blog on Development Work Updates in Capital Smart City to check out the development update of Smart Villas.
The price escalation policy of smart villas has been summarized below:
|Amount Paid in File||Price Escalation Applicable?|
|80% to 100%||Not Applicable|
|30% to 79%||Applicable on Balance Payments only|
|10 to 29%||Wait for New Policy|
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