ISLAMABAD: The Federal Government Housing Authority (FGEHA) has issued an ultimatum to the allottees of the Lifestyle Residency Project in Sector G-13 Islamabad, demanding that all outstanding installments be paid before March 31.
Failure to comply will result in the imposition of a surcharge.
To encourage prompt payment, the FGEHA has announced a last and final amnesty, which will provide a 70% waiver on surcharges.
The Lifestyle Residency Project comprises seven towers on a 10-acre plot, with the grey structure of one tower still under construction.
In addition to the Lifestyle Residency Project, the FGEHA has launched a high-rise apartment scheme for federal government employees and other specified groups on a 15.37-acre plot in sector G-13/1&4, Islamabad.
The project comprises 3,273 apartments, of which 2,384 have been allocated to federal government employees, with the remaining 889 reserved for the general public.
As per the details, the project offers state-of-the-art facilities for urban living, including green parks, backup generators for elevators, a community club, a mini-supermarket, a security system, an auditorium, a day-care center for toddlers, a fitness gymnasium, a beauty salon, banquet facilities, grocery stores, and maintenance and garbage disposal services.
FGEHA has also partnered with EHFPRO, a private limited company registered under the Companies Ordinance, 1984, with the Security and Exchange Commission of Pakistan (SECP), to launch the project as a public-private partnership.
The joint collaboration of FGEHA and M/s Progressive Motels & Resorts has created a dynamic Special Purpose Vehicle (SPV) to oversee the project’s progress.
FGEHA has reassured allottees that all efforts are being made to complete the project’s two phases as soon as possible. Construction work is already underway for apartments on a 5-acre plot, while the grey structure of apartments in the seven towers on a 10-acre plot has been completed.
With the final deadline approaching, allottees are urged to take advantage of the amnesty and pay their outstanding installments before the end of March to avoid surcharges.