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.
For news and updates keep on visiting Graana blog
MELBOURNE — A new analysis by Deluxe Holiday Homes has highlighted significant shifts in Melbourne's…
ANKARA — A devastating fire at the Kartalkaya ski resort in northern Türkiye claimed the…
As Vietnam heads into 2025, the real estate market presents a dynamic mix of challenges…
Dubai’s secondary housing market is predicted to see robust growth in 2025, with demand for…
As Los Angeles County grapples with the aftermath of some of the most destructive fires…
On Friday, Azam Nazeer Tarar, the Minister for Law and Justice, informed the Senate that…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
