Bahria Town Karachi Case Final Verdict By Supreme Court Of Pakistan
Islamabad: On Thursday, The Supreme Court has accepted Bahria Town Karachi’s Rs460 billion offers for the lands it occupies in the Malir district of Karachi and stops the National Accountability Bureau (NAB) from filing references against it.
The judgment does not include the property of Bahria Town’s Sports City. Buyers and investors who have invested in this sub-project of Bahria Town Karachi will be refunded or merged into other projects.
In the last hearing on March 13, Bahria Town has increased its offer for the 16,896-acre Karachi Superhighway project from Rs440 billion to Rs450 billion. The Apex Court had reserved its ruling on whether or not to accept a fresh offer by the Bahria Town to settle a case relating to its Malir or Karachi Super Highway project on the payment of Rs450 billion.
And today, Supreme Court has finally announced the verdict by accepting the offer of Bahria Town, which was raised to Rs460bn.
The Apex court further stopped NAB from filing any references and investigation against any persons, including the officials of government, associated with Bahria Town Pvt. Ltd. Now, the National Accountability Bureau will have to get the permission of Supreme Court before initiating an investigation against Bahria Town Karachi.
The Judgment Reads: “No reference can be filed without the court’s permission, If Bahria Town violates the court order, then an investigation will be launched against it, ruled the judges”.
Bahria Town Karachi will have to pay the entire amount over seven years. Supreme Court in its ruling, ordered Bahria Town to submit 30 percent of whole payment, a down payment of Rs25 billion by August 27 this year. From September onwards, Bahria Town will have to pay the monthly installment of Rs2.5 billion for the next four years. The remaining amount of three years will be paid along with 4 percent markup.
If Bahria Town Private Limited fails to deposit two installments, it will be considered a defaulter.
All the amount of Rs460 billion will be submitted in the account set up by the Supreme Court and then distributed as per the law. After the payment of the full amount, the land will be immediately transferred to Bahria Town’s name.
The residents of Bahria Town will be given 99-year leases.
The Sindh Advocate-General said that the amount should be transferred to the Sindh government but the Apex Court rejected the request to give the amount to the Sindh government.
Justice Sheikh Azmat Saeed, while reserving the verdict, had observed that “the matter has run its course”.
Background Of The Case
The apex court was hearing a case regarding the implementation of SC verdict of May 4, against Bahria Town. Under the order, the SC had restricted M/s Bahria Town Karachi from selling any residential or commercial plots, or any of the constructed property that is located at the border of the port city. According to the verdict, it was declared that the grant of land to the MDA and its exchange with private property is illegal.
SC has clarified that “The land was initially granted for a housing scheme, but instead of working properly, the MDA exchanged the land with Bahria Town who launched their own scheme”
Bahria Town has made several proposals to get the land transferred to it but the court has rejected all those offers.
Good News For Both Residents & Investors
After the announcement of the final verdict by Supreme Court, both the residents and investors of Bahria Town Karachi seemed to be much satisfied with the decision. Its good news for the residents of Bahria Town Karachi, for our honorable National and overseas clients who were in a panic condition that what’s going to happen? But as all the issues are resolved today, It’s a delectable moment for the interested clients, buyers, and investors who are looking to buy, sell out, or waiting to pay the installments of their property in Bahria Town Karachi.
UPN Congratulates all of you and Appreciates your efforts, your belief, and support during all these uncertain conditions.