Supreme Court accepts Rs.460 billion offer from Bahria Town: Permits business as usual for the developer

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.

invest with imarat

Islamabad’s emerging city centre

Learn More

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

Maham Tahir

Recent Posts

Baghbanpura Bazar: A Historic Market in Lahore

Lahore, known as Pakistan's cultural and historic heart, is home to numerous ancient sites, bustling…

9 hours ago

Garha Mor: A Notable Landmark in Vehari City

Garha Mor, a notable landmark in Vehari, Punjab, Pakistan, is significant in its location, accessibility,…

2 days ago

Aslam Market Wah Cantt: Pleasure of Shopping & Dinning

Located in the center of Wah Cantt, Aslam Market is a vibrant commercial hub that…

3 days ago

Abid Market Lahore: An Iconic Shopping Landmark

Located in the bustling heart of Lahore, Abid Market is a landmark shopping area well…

4 days ago

CDA Chairman Urges Rapid Completion of Major Islamabad Interchanges

ISLAMABAD, Nov 16 (APP): The Chairman of the Capital Development Authority (CDA), Muhammad Ali Randhawa,…

4 days ago

IMARAT Announces Launch of Pakistan’s Largest Sharia-Compliant REIT – A New Era of Real Estate Investment

Islamabad, Pakistan— IMARAT Group, a leading real estate developer and innovator in Pakistan, announces the…

4 days ago