HBG Creations project, Phase 7

Rs 6,300 million on just under eight kanal looks high until you work out the value per kanal and compare. It comes to about eight hundred million rupees a kanal — which is lower than the tower at MB-1, where a smaller plot carries a higher figure. The pattern is simple: value per kanal rises as the plot shrinks, because the number describes the building, not the land.

At the floor-area ratios DHA has granted on its other joint ventures, eight kanal would carry somewhere between two hundred and three hundred and fifty thousand square feet — a fifteen to twenty storey mixed-use or hotel tower. That is an entirely coherent brief, and there is nothing suspicious about the figure itself.

We searched for this company the way anyone would: the SECP register, a website, social media, business directories, news, and any other project with its name on it. We found nothing in Pakistan. That is not an accusation — a company can be newly formed for a single project, and an MOU is signed before DHA's own financial vetting takes place. But it does mean there is no track record to show you, and we will not invent one.

Three MOUs sit against Phase 7 on this record — this one, an apartment scheme and a large education campus — and not one has become a signed agreement. DHA publishes no project page for Phase 7 at all, and DHA is still advertising its Phase 7 joint-venture land as available to partners. Read together, the picture is of a phase being approached repeatedly and nothing closing.