Islamabad: The Supreme Court of Pakistan has accepted Bahria Town’s offer of Rs.460 billion as final settlement. Bahria Town has been authorized to sell plots and carry out business as usual. The Honourable Justice Azmat Saeed read out the court order.
Bahria Town will deposit Rs.460 billion in SC over 7 years in instalments. The court has directed Bahria Town to deposit a down payment of Rs.25 billion by August 27,2019 after which Rs.2.5 billion will be given each month for four years and the remaining amount in next three years. Bahria Town had asked for an immediate transfer of land but as per court’s decision the land will be transferred in Bahria Town’s name once the full payment is through.
Bahria Town will give its residents 99-year leases and also require mortgaging of its assets.
Further, the honourable court has stopped the National Accountability Bureau (NAB) from filing any reference against Bahria Town. Court has further directed the NAB to seek permission from the Supreme Court for filing any new reference against Bahria Town.
16,896 acres of land was allotted to Malir Development Authority (MDA) by Sindh Government for building a housing scheme. It was however exchanged with Bahria Town. Implementation of this exchange was undertaken by a three- judge bench of the court on May 4, 2018 as illegal.
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