The Supreme Court of Pakistan has accepted Bahria Town’s offer of Rs460 billion to end to all inquiries against its management.
The court had reserved its verdict on Bahria Town’s proposal on March 13 which was announced on Wednesday.
"With every hardship comes ease" Eternally grateful to Allah for succeeding us in living up to our commitment to secure investors at every cost.We've unflinching trust in Almighty who will guide us through in future https://t.co/X51E2rgEJC gratitude for all ur prayers.#BahriaTown
— Malik Riaz Hussain (@MalikRiaz_) March 21, 2019
Following the SC decision, the owner of Bahria Town took to Twitter to express his gratitude to his supporters for their prayers during the course of court proceedings.
“With every hardship comes ease,” wrote Malik Riaz.
Bahria Town will now be bound to pay the hefty amount of Rs460 billion in seven years. It will pay Rs2.25 billion every month for four years. The remaining amount will be paid in the next three years.
The top court has directed Bahria Town to submit an affidavit in the court.
The apex court has also restrained the National Accountability Bureau from filing a reference against Bahria Town Karachi.
Bahria Town has been directed to submit down payment of Rs25 billion by August 27. The land will be transferred to Bahria Town after complete payment.
Moreover, Bahria Town will provide 99 years lease to the residents.
In case Bahria Town is not able to pay the amount in three instalments, it will be declared as defaulter.
On May 4, 2018 the court ruled that the Malir Development Authority illegally granted land to Bahria Town.The Sindh government had allotted land to the MDA to build a housing scheme. The MDA, however, exchanged the land with Bahria Town, the court said.
Bahria Town was even barred from selling any plots or apartment in the housing scheme.
The top court has been hearing a case on the implementation of its verdict.
Bahria Town had made several proposals to get the land transferred to it. The court had rejected all the previous proposals and accepted its renewed offer of Rs460 billion.
