SC accepts Bahria Town Karachi’s Rs460 billion offer

ISLAMABAD: The Supreme Court of Pakistan on Thursday accepted Rs460 billion settlement offer from Bahria Town Karachi to be paid over seven years for land it occupies in the Malir District.

The top court has restrained the National Accountability Bureau (NAB) from filing references against concerned individuals unless Bahria Town defaults on payment.

Last week, the Supreme Court had reserved its ruling on whether or not to accept an offer of Rs450 billion from Bahria Town to settle case pertaining to its Malir or Karachi Super Highway project. The amount was increased to Rs460 billion today and accepted. 

Bahria Town Karachi will be required to pay the entire amount over seven years. It will have to make a down payment of Rs25 billion by August 27 this year. From September onward, it will have to pay monthly instalments of Rs2.25 billion for the next three years.

After three years, Bahria Town Karachi will have to pay a four per cent markup in case of late instalments.

Following complete payment, the land will be transferred to Bahria Town. 

The apex court had taken up implementation of its May 4, 2018 judgement in which the grant of land to Malir Development Authority by the Sindh government, its exchange with the land of Bahria Town and anything done under the provisions of the Colonisation of Government Land Act 1912 by the provincial government was termed illegal.

Bahria Town chairman says 'eternally grateful to Allah'

Chairman Bahria Town Malik Riaz, in his reaction to the apex court verdict, said he was "eternally grateful to Almighty Allah for succeeding us in living up to our commitment to secure investors at every cost".

"We've unflinching trust in Almighty who will guide us through in future too. My gratitude for all ur prayers," Riaz said in his tweet.