Its brochures promise a “100 per cent Halal housing solution to growing Muslim community of Australia” in the heart of Riverstone.
But Qartaba Homes director Khurram Jawaid says it’s the real estate deal of a lifetime, open to Australians of all faiths and backgrounds.
Speculation has been rife among locals in recent months over the nature of the proposed development on land bordered by Riverstone Rd, McCulloch St and Cranbourne St.
The company is planning to subdivide the land, along with a smaller parcel on Gordon St in Schofields.
While subdivision plans have yet to be presented to Blacktown Council, the company has already “booked out” virtually all of the proposed 150 lots in Riverstone and 30 in Schofields.
At the heart of the deal is the provision of land parcels with an interest-free purchasing agreement, enabling the buyers to avoid “riba” or debt with interest, which is considered a major sin under Islamic law.
“It’s another way of looking at things,” Mr Jawaid said.
“Our philosophy is interest free, pay as you own. You don’t have to go to a bank or a financial institution.”
Land parcels range from 400 sqm to 800 sqm and start at a very cheap $85,000 plus development charges.
“We were faced with a choice, to keep the land as it is for another four or five years, or sell now and the land value will double in the next four years,” he said.
Mr Jarwaid said the deal was made available to everyone, regardless of faith or ethnic background.
He said Muslim take-up of the offer was “not that overwhelming”.
“We don’t want this development to be for just one community. It is for all Australians. It shouldn’t benefit one people,” he said.
“People who have vision and have investment sense can see what’s going on.”
He said it was unlikely that this deal will be repeated as neighbouring land owners were asking too high a sale price.
The company is aiming for work to have finished by 2014, but is waiting for the go-ahead from Blacktown Council and from Sydney Water, which has yet to connect the land to the water network.
UNDER INVESTIGATION
Blacktown Council has confirmed it is investigation whether the project complies with local planning laws.
“Blacktown City is a large multicultural community; we welcome people from a wide variety of backgrounds, religions and cultures,” said mayor Len Robinson.
“The planning and development of the city is a high priority and ensuring it is done so in a fair and complying matter is an whole-of-community priority.”
HERITAGE HOUSE
Plans show a 4732 sqm parcel of land at the heart of the development - currently the site of a brick residence housing a prayer space referred to as Riverstone Musallah - will be kept free of housing.
This residence - named Warrawong - is protected by a heritage order.
It is a Victorian-era country homestead with brick walls, slate roof and bell-shaped veranda roof on cast iron columns with iron valances and brackets.
“We have left a bigger space around (the building) because we don’t know how much cutilage we need to leave around it,” Mr Jawaid said.
LAND DEAL
* Land from $85,000 plus charges
* Land from 400-800 sqm
* 24-30 months interest free payment plan
* Booking deposit of 30-35 per cent with balance in monthly instalments.
* Details: qartabahomes.com.au