RAWALPINDI/ISLAMABAD: Hopes were sold and substantial sums collected in instalments, but purchasers of the Grande Palladium project in Bahria Town say that no one at the helm is willing to provide relief to investors who have been left stranded due to mismanagement. Years after the project’s promised completion date passed, they remain caught in a state of uncertainty and frustration, running from pillar to post in search of a remedy, but all in vain
Investors in the Grande Palladium commercial and residential project at Bahria Paradise Commercial have raised concerns over prolonged construction delays and are seeking refunds and a clear response from the project’s management.The project was marketed as a mixed-use development comprising commercial shops, restaurants, kiosks and residential apartments, and was originally associated with Zameen Developments and Earthlink Developers before being rebranded as Ivory.
According to an Agreement to Sell reviewed for this report, executed on December 23, 2021, the developer of record is named as EDZD Developers, with its principal place of business in Gulberg III, Lahore. The agreement, pertaining to a commercial unit at Plot No. 95-E, Bahria Paradise Commercial, Bahria Town Phase 6, GT Road Rawalpindi, lists a purchase price of over Rs 10.9 million and an estimated completion date of December 31, 2024 – a deadline that has since lapsed without possession being delivered.
Investors say that despite substantial payments being made over several years, construction progress has remained extremely limited and possession has not been delivered.
Payments made, promises unmet
One investor said he had paid the initial 30 per cent down payment followed by eight quarterly instalments, amounting to approximately 74 per cent of the agreed purchase price, before discontinuing further payments amid concerns over the project’s progress. The investor said purchasers were subsequently presented with a revised schedule extending payments and the project’s timeline until December 2027, which he declined to accept.
Investors seek refunds
A number of affected purchasers have now begun coordinating through a WhatsApp group to seek clarity about the future of the project. According to members of the group, several investors recently visited the company’s office and met its representatives, and were reportedly provided with email addresses and advised to submit their refund requests individually.
The investors say they now want the developer to provide a clear written position regarding refunds, completion of the project, and the timeframe within which affected purchasers can expect a resolution. Some investors are also considering legal remedies if negotiations fail.
Questions over project progress
The original floor plans reviewed by investors show a substantial mixed-use development containing commercial units across several floors as well as residential apartments. Affected purchasers say the present state of construction appears substantially behind the project originally presented to them. Their central question is straightforward: what happened to the project after investors had paid substantial portions of their purchase prices?
The investors are seeking information regarding the project’s current construction schedule, funding position, and expected completion date. They also want management to explain how purchasers seeking to exit the delayed project will be refunded.
Investors considering collective action
Members of the affected investors’ group say their immediate preference is an amicable settlement rather than prolonged litigation. However, some purchasers are considering approaching relevant courts and regulatory or investigative authorities if the matter remains unresolved. They are also attempting to locate other purchasers of Grande Palladium who may have similar grievances so that information and documentation can be consolidated.
The investors maintain that their objective is not to make unsupported allegations against the developer but to obtain transparency, accountability, and recovery of their investments where purchasers no longer wish to remain in the project because of the delay.
Developer’s response sought
The allegations and concerns raised by investors would require a response from Zameen Developments and the project’s management. Among the questions investors want answered are:
- What is the present construction status of Grande Palladium/Ivory?
- What caused the substantial delay?
- What is the current expected completion and possession date?
- Why was the original project timeline subsequently extended?
- What refund mechanism is available to investors who no longer wish to continue?
- How long will refunds take to process?
- What was the nature of Earthlink Developers’ exit from the project?
A response from the developer to these questions would be necessary to present its side of the dispute. The affected investors say they remain open to an amicable settlement but want a concrete resolution after years of uncertainty.
