Naya Nazimabad, Karachi to Feature 3,000 Apartments
According to press reports, the developers of Naya Nazimabad will launch a 3000 apartment project in the port city of Karachi with a 20-year mortgage plan. The scheme will be introduced after Eid al-Adha.
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According to the sources, the project would be developed by the Naya Nazimabad Developers Javedan Corporation in partnership with the major banks and REITs.
Habib Equity, one of the largest REITs, owns 26.6% of Javedan Corporation, while Arif Habib Corp owns 7.45% and Arif Habib himself owns 5.76% of the company.
In addition, according to the proposed plan, the owner would be required to pay 20% of the apartment’s value, while the remainder of the payment will be made by the banks; the owner will pay the bank in simple monthly installments over a 20-year period.
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In this regard, the Mortgage Refinance Company will make funds for mortgage facilities available to banks.
The project’s developers, Javedan Corporation, built the Naya Nazimabad Project and sold 6,500 residential and commercial plots in phase 1 of the development.
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