Bahria Town Crisis – Supreme Court Accepts Rs 460 Billion Offer As Settlement
The most awaited judgment came along last week when the Supreme Court accepted Bahria Town Karachi’s offer of Rs. 460 billion in settlements for its Karachi Super Highway project and restrained National Accountability Bureau (NAB) from filing more references against them.
The development came as a three-judge bench of the apex court headed by Justice Sheikh Azmat Saeed Sheikh heard the case pertaining to the real estate company owned by Malik Riaz.
Bahria Town will now have to pay the amount during the next seven years after payment of Rs 25 billion by till August 27.
It will submit Rs 2.5 billion monthly during the first four years and the outstanding amount will be paid in the next three. According to the judgment, Bahria Town will start paying the installments from September this year and their director will have to submit an affidavit to the court regarding the payment.
The Supreme Court also halted the National Accountability Bureau from filing further references against Bahria Town, following the settlement.
Founded in late-1990s, it established its first gated community in southern Rawalpindi on the Grand Trunk Road, which by mid-2000s had expanded into nine phases divided into two compounds. Its second gated community opened in Lahore, which is influenced by Greco-Roman culture and is built in Southern Lahore. In 2015, it launched the Bahria Town Karachi, the largest of its gated communities, while Bahria Enclave Islamabad (launched in 2013) is the smallest of them. Most of these communities are large towns in their own right, its oldest community in Rawalpindi spans over 16,000 hectares (40,000 acres). The under-construction it spans over 16,000 hectares (40,000 acres) and it is the largest privately owned residential community in the country. Combined, its projects have the capacity to house over a million people.