The first balloting of Capital Smart City successfully took place on 21st December 2019. The balloted plots were given to members who had submitted more than 50% of the dues. The second balloting will be scheduled in 2021.
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Is your plot included in the first balloting of Smart City?
Well, to be included in the first balloting, the members of Overseas block and Executive block members needed to submit at least 50% of the dues on their commercial and residential files. Furthermore, after submitting the dues, the members also needed to get the acknowledgement receipt from the society to make sure that their files are included in the first ballot. So, if you have submitted 50% of the dues and received the acknowledgement receipt, then your file is included in the first balloting of Capital Smart City.
Why was the first ballot postponed?
At first, the first balloting of Smart City was scheduled for 15th November, 2019 as announced in the official launching ceremony of Capital Smart City held at 6th October 2019. It was postponed to December 2019 to allow more time for the members to submit dues and get confirmation. Furthermore, the members who have purchased a file in Smart City at 50% upfront payment were eligible for custom selection of plots on the master plan before balloting. Therefore, another reason for the delay of the balloting was to allow time for the eligible members to select and confirm their plots before balloting.
How did the Capital Smart City’s first ballot affected the market?
As we also outlined in earlier articles, the balloting of Capital Smart City resulted in two types of files in the market, i.e. balloted files and unballoted files. Since the balloted files had a plot number, the market rate of balloted files were affected by the location of the plot and additional features. For example, corner, main boulevard and park facing plots price higher than others. Although due to having a confirm plot number, balloted files were expected to have a higher demand. However, since the dues submitted on the balloted files were more than 50%, the initial investment required to purchase a balloted file was quite high. Due to this, the resale frequency of these files was affected. Moreover, the profit on balloted files were not large enough to give a good return on investment due to high initial investment. On the other hand, the dues submitted in unballoted files were lower than balloted files. The unballoted files, with a lower initial investment, provide a golden opportunity for investors to enter and gain benefit from this mega housing project.
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