Jeddah Town is a private housing scheme in zone V Islamabad, wholly-owned and operated by M/S Gilani Housing Corporation International (Pvt) Ltd.
In Phase-I of the project, 800+ persons have made full payment for allotment of plots but reportedly only 300+ plots exist, duplicate allotments forced many expatriate Pakistanis to claim refund with the help from NAB and UK government and Rs one billion + has already been refunded.
In Phase II the Jeddah Town management has collected application from 4,500 persons with a verbal promise of allotting plots to all of them. However, there is no approved plan, sufficient land is not available to accommodate all the applications for plots and funds have been collected from the applicants in flagrant contravention of applicable law and regulations for which purpose necesary inquiry in undergoing through Mr. Mubasshir, assistant director Company Registration Office, Islamabad.
Unfortunately, the project enjoys non-disclosure within the purview of Companies Ordinance 1984, no individual applicant of plot in Jeddah Town has any legal locus standi for seeking information on project to safeguad his/her legitimate rights except through a civil suit. Many reported to law enforcement agencies but outcome of the inquiries by NAB and SECP have never been made public.
Thus, most of the applicants of plots in Jeddah Town, Zone V Islamabad are bound to loose all or most of their investment made through application for allotment of plots. But there is a way out and some of the applicants have decided to organize themselves on a single forum, a registered association that will act to safeguard the legitimate interests of plot applicants in Jeddah Town and to make the Jeddah Town Management accountable for their public responsibility as a private limited company who have collected more than 650 millions from more than 4,500 plot applicants on promised allotment of developed plot.
Jeddah town management has already misappropriated these funds and their planning seems very neat to get ultra rich at the cost of innocent investors in real estate, most of whom are small investors who cherish to get a plot in Islamabad and earn some money through trading these applications.
Their tacit plan is to collect around 7 billion rupees in ten installments, invest these funds on lucrative business, allot plots only to a small number of applicants and refund original investment of remaining applicants after 3 years and without any interest. HOW NEAT!
The registered body of applicants will fight legal ad social battles with Jeddah Town Management in order to get promised plots for EACH AND EVERYapplicant or at least an early refund with reasonable interest without further delay.
Stakeholders of Jeddah Town are, therefore, invited help themselves collectively by joining http://finance.groups.yahoo.com/group/pakpropxchange/?yguid=128299448
Constitution and legal status of this forum/entity is available to members, the forum/entity is set to work collectively and transparently. Apart from legal standing, this body of Jeddah Town stake-holders enjoys collective social force derived from legitimate rights of 4,500+ Jeddah Plot applicants who have already paid large amounts of mony for the promised plots. the forum/entity has to achive 2-point objective:
1) strive to get plot to each and every applicant of Jeddah Town (Phase I and II), or
2) at least get refund of the money invested through application for plot(s) in Jeddah Town without more delay and with reasonable interest.
Modalities:
1) Collective Representation through competent legal counsel(s) to:
a) Jeddah Town (Gilani Housing Corporation), and if no results then to
b) SECP, NAB, CDA, and Wafaqi Mohtisib and pray to Supreme Court of Pakistan for sou motto action against all concerned to get safeguards for small investors against public frauds and crimes under the cover of legal lacuna.
2) Keep the members updated on the progress and social pressure through intelligent and economical use of media and educate the public against such public crimes.
One of the directors of M/S Gilani Housing Corporation (owners of Jeddah Town) has threatened me with dire consequences if I work against their naferious design and I have filed with my lawyers necessary papers to deal with the consequences in case the director chose to act on the threat.
Questions, suggestions and recommendations are most welcome! Please respond to [EMAIL PROTECTED]
Sincerely,
Sadiq Baig
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