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Possession Schedule of Capital Smart City | Overseas and Executive Block 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 has started giving possession from 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

Finally, Capital Smart City has started giving possession of Overseas Block-1.

Giving possession almost 1.5 years before time is surely a remarkable achievement of 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!

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 & B of Overseas block-1 are now ready for possession. Check out the construction incentives being offered to the first few members who start construction.

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
ADec 202030 Nov 2020
BJan 202131 Dec 2020
CFeb 202131 Jan 2021
DMar 202128 Feb 2021
EApr 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, and so on. 

Possession of Executive Block-1

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
BDec 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 of 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. 

You can avail 5% discount on the development charges by paying the whole amount in lump sum or a discount of 2.5% by paying 50% of the total development charges upfront.

Check out the construction incentives to find out about further relaxation in development charges!

What is the amount of these possession charges? 

Prime location charges for category plots 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 and extra land charges have not been revealed yet.

Possession fee and other relevant charges payable at the time possession have been summarized in the tables below:  

Plot SizePossession Fees
3.5 MarlaRs. 15000
05 MarlaRs. 18000
07 MarlaRs. 20,000
10 MarlaRs. 25,000
12 MarlaRs. 28,000
01 KanalRs. 35,000
02 KanalRs. 60,000
Re–possession FeeHalf of the above

B – Map Charges

Map ChargesFees
Set chargesRs. 20,000
Covered area feeRs. 9.50 / Sft

The charges payable at the time of possession include the fee to get the connection of water and electricity connection and a copy of by-laws which are required to start construction.

ServiceFees
Water Supply ConnectionRs. 5,000
Temporary Electricity ConnectionRs. 1,000
Temporary Electricity Security (Refundable)Rs. 10,000
Water Bowzer charges/BowzerRs. 1500
By-laws BookRs. 500

Procedure for Acquiring Possession

Here is the step by step guide to apply for possession in Overseas block of Capital Smart City.

  • Apply for Statement of Dues (SOD) & Post-Dated Cheques Statement (PDCS) from the Building Control Department (BCD) on Computer Generated Letter.
  • Pay the possession fees before applying for SOD and PDCS. The deposit slip should be attached along with the application.
  • After issuance of SOD & PCS by BCD, members will pay accordingly.
  • Apply on the prescribed application and attach the following documents along with the application.
    • Membership (MS) letter &/or Allotment Certificate (Copies)
    • CNIC (Copy)
    • Affidavit
    • Post-dated Cheques (PDC)
    • Fee / Charges deposit slips
  • Then, the application will be processed by BCD for approval.
  • After approval, you will be contacted by BCD to visit and get on ground possession and the possession letter.
  • Apply for drawing and permission of services for construction.
  • Begin construction within a period of 6 months, otherwise you will be required to apply for re-possession.

Construction Incentives by Capital Smart City

With the onset of possession in Overseas block-1, Capital Smart City is encouraging expeditious construction and extending the following incentives to members who start early construction.

1. Construction before 10th April 2021 – Delay in Development Charges

If any member of Overseas block-1 begins construction work on or before 10th April 2021, the development charges plan will be extended to 6 quarterly installments.

2. Complete Grey Structure by 12th Jan 2022 – Extension in Payment Plan

Moreover, if any member successfully finishes the grey structure and outer finishes before 12th January 2022, they can avail extension of another quarter.

3. Discount on Development Charges

The first twenty-five members with residential plots (each in Block A & B) who commence their construction will be given a grand discount of 50% in their development charges.

The discount will be disbursed in two phases. Half of the discount will be reflected in the payment plan after the foundations of the house are complete while the other half will be given after the completion of construction work.

4. Architectural Drawings by DSA Architects

The management of Capital Smart City is providing Architectural and MEP (Mechanical, Electrical, and Plumping) drawings to the members who start early construction.

The architectural design will be made by DSA Architects, Dubai.

The villa design and maps will save the members a noticeable cost of approximately Rs. 200,000 to Rs. 300,000 depending on the plot size.

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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