An exclusive chat with Head of Corporate Sales of Capital Icon, Haris Tariq
Interview by: Zubair Qureshi Arranged by: Muhammad Asif Sheikh Photos by: Sheikh Arif
First-ever vertical housing scheme of Islamabad, Capital Icon is all set for a formal launch and in this regard all the legal and codal formalities have been fulfilled and NOCs from the Capital Development Authority (CDA) have already been granted.
Located on the main Islamabad Expressway with 10-12 minute drive from Blue area, Islamabad &Saddar, Rawalpindi, the Capital Icon’s signal free access makes it the nearest mega housing project from the commercial/residential hubs of both Islamabad & Rawalpindi.
Pakistan Observer’s team in an exclusive chat with Head of Corporate Sales of Capital Icon, Haris Tariq couldn’t help appreciating the project’s salient features, the vision behind its launch and above all, the modern concept of vertical housing that makes it unique among other housing projects.
PO: Who is the developer of this project?
HT: Curvestone Builders Pvt is the developer behind this masterpiece. This is their first mega high rise housing project with the commitment to deliver legally secured products within the given time frame, along with the quality construction.
PO: Do you have any previous experience in such a huge housing project?
HT: We have been in the real estate market for almost a decade, but it is our first project with this capacity. It is only because we believe in securing the legal formalities before presenting into the market. It even took us a lengthy amount of time to get it done from the Capital Development Authority. It was easy for us to launch this project into the market without the prior state approval—a common practice in the real estate sector but we never wanted to compromise on our vision.
Curvestone Builders believe that experience only comes with the ‘commitment of delivery’ and that should be a legal binding. Meanwhile, if you look at the rest of the market, you will find experience only in terms of launching projects after projects without taking into account any state approval and constructible timeline delivery. So, yes we are new to this housing thing but we are here to stay to protect the interest of the larger public.
PO: How do you explain the legal security in Capital Icon?
HT: We believe there is no concept of real estate investment if there is no ‘state guarantee’ in it. For that, we as a developer made sure that our project must adhere to all the by-laws of the CDA, so that all the customers and investors can get state assurance as well.
Capital icon has been declared as the first vertical housing scheme in Islamabad as per ‘CDA ICT Building control regulations 2020. It is pertinent to mention that these by-laws involve ‘transferring the land ownership in the name of registered company, allocating a separate land for graveyard, paying hefty administrative fees & land share/pledge in the name of CDA. These are a few of important features in a long list before the final lay out & building plan approval.
Capital Icon has attained all these qualifications along with other approvals from supporting state institutions. The documentary evidence is available for potential customers for their review and cross check.
Also with the ongoing infrastructure development of signal free expressway corridor from Gulberg to Rawat by CDA & FWO is only going to make its location the most preferable residential and commercial spot in a year’s time.
PO: How much is the total area of this housing project?
HT: Capital Icon has a total plot area of 12,100 square yards. As per CDA by-laws, 40 percent area is constructible, that is consisting of twin towers in our case and remaining 60 percent has been left open for public facilities like parks, jogging tracks, purpose built mosque and community center etc.
PO: Capital Icon is a commercial project?
HT: Capital Icon is primarily a housing project with 522 Apartments of (1-4 Bed Room) categories in two towers with 6 penthouses (3 on each tower). However, as it is a CDA approved project, so as per new by-laws, it is mandatory to allot 5 percent space for commercial activities. Therefore, we have ground + mezzanine as a commercial space to fulfill the needs of residents and nearby communities.
PO: What kind of facilities and amenities are being offered by Capital icon?
HT: Capital Icon will be fully equipped and integrated with all the basic facilities that include electricity, water and gas. Similarly,in order to uphold the comfort, security and luxury of the residents, the housing project will be equipped with backup generators, security & surveillance, indoor gym, reserved ambulance service, parks, jogging tracks, mosque, community center, medical services, 3-level dedicated car parking, fire-fighting services, luxury lobby and double heighted reception. Similarly, the separate graveyard land, situated 8kms radius of the project is a part of this housing project.
PO: What is so exclusive about Capital Icon?
HT: Capital icon is the first project with vertical housing scheme status by CDA with all mandatory and supporting state approvals in hand. The land ownership is in the name of the registered firm as per CDA by-laws. The housing project directly falls under CDA jurisdiction and does not come under any private society. All the bank and insurance guarantees have been submitted in the favor of the CDA along with the graveyard land. Similarly, a certain piece of land has also been handed over/transferred in the name of CDA as a guarantee. Hence, Capital Icon is exclusive because it provides our customers a legal security and being located at nearest vicinity from the commercial hubs of twin cities with extensive development in the surrounding & ongoing construction activities of the project will multifold the returns within a short span of time.
PO: What is the delivery timeline of the Capital icon?
HT: Capital Icon is set to complete and will be ready to give possession in the first half of 2025 with total timeline period of 3.5 years.
PO: What do you expect from your potential customers?
HT: We totally believe that Real estate investment has certain eligibility and Not everyone can become our customer. We always discourage those customers and investors who are looking forward to short cuts and compromises on the legal aspect of any project on behalf of fake and speculative returns in the near future. For all these reasons, our major client database is our overseas customers who need legal security at the top & foremost, and rest of the perks and discussions come later. Therefore, we always appeal to our customers either in Pakistan or overseas to take as much time as they want and investigate first about the project and only act or proceed further when they are completely satisfied.
PO: Is there any Construction partner with Capital Icon?
HT: Yes, we have engaged MMA Constructions Pvt. Ltd as our construction partner along with our own dedicated Project management team. MMA Constructions holds a bright portfolio in the delivery of quality and regulated construction projects both in Islamabad & Rawalpindi.
PO: How do you see the current market situation with respect to Real estate investment?
HT: We truly believe that only the real estate projects with full state approvals will survive and thrive in the current situation. On the other hand, the projects that are not regulated by state or not with the full and genuine capacity as needed, and who mostly do business in terms of speculative offers to deceive the larger public will collapse. At the same time, it is equally important to have political stability that can lead to economic growth along with the compliance of state regulations for an overall win-win situation in the real estate sector.
