Supreme Court of Pakistan has accepted Bahria Town’s proposal to buy 16,896 acres off Karachi’s Super Highway for Rs.460 Billion. After Supreme Courts verdict, Bahria Town has acquired complete legal immunity. As a result, National Accountability Bureau (NAB) will no longer investigate or file references against individuals affiliated with Bahria Town including government officials as well. From now onward, any concerned authority will need courts permission prior to any investigation.
In the process of previous hearing, Supreme Court has ruled that Malir Development Authority (MDA) exchanged the land with Bahria Town illegally. Sindh Government granted it to MDA for building a housing society in the vicinity. In the course of Supreme Court proceedings, Bahria Town restricted to sell any plot or apartment. Previously, several proposals submitted by Bahria Town for transferring of land. However, Supreme Court rejected all of them. Lately, Supreme Court agreed to give possession in return of Rs.460 Billion this time.
Within time period of 7 years, Bahria Town have to release the amount. With down payment of Rs.2.5 Billion, it will give Rs.2.5 Billion every month for the next four years. The last date for down payment is August 27. Meanwhile, the remaining amount will be submitted in time period of next three years. On immediate transfer of land, Bahria Town will also have to pay 4% markup if there is a delayed payment.
In case of being on default, NAB will have the right to file a reference a case against Bahria Town, according to the court verdict. Meanwhile, Bahria Town will be considered as defaulter if it skips 2 installments back to back or 3 installments as a whole.
This verdict does not effect Sports City project of Bahria Town at all. The buyers of those plots will reimbursed or merged into other projects. Moreover, price hike is expected by the real estate investors & dealers after positive verdict of Supreme Court.