SC accepts Bahria Town Karachi's offer for Rs460bn

[Hareeb]

Once a wise man said, "Everyone has a price." , and today, he bought justice for himself.

Shame on Supreme Court of Pakistan.

 

[Awan68]

That's around 5+ billion dollar after paying such huge compensation can this beautiful project sustain ?

The amount will be paid in installments, not upfront.

 

[RIP Pak LAW]

30% Downpayment to be paid by August 30, 2019 after that, Rs 2 billions every month.

 

[Awan68]

Yani k aap k pass paisa ho tu sary gunnaah maaf ... atleast black list him to engage in any future property business...

Mery bhai he created something beautiful and unheard off on Pakistan, not a good idea to destroy ur business men again like bhutto did, malik with all his faults was not alone in blame for this, after this he will toe the line.

 

[The Accountant]

Mery bhai he created something beautiful and unheard off on Pakistan, not a good idea to destroy ur business men again like bhutto did, malik with all his faults was not alone in blame for this, after this he will toe the line.

This is the same mentality , khata ha tu lagata bhi tu ha ...

I don't when do we learn that a society cannot survive unless it has a justice system in place ... He produced something beautiful by theft, robbery and bribery, but its Ok for you as the output is good ... So in short you are saying that criminal activities are fine as long as output is good and the one who is trying to earn through honesty is stupid ...

Hatts off to this thinking

 

[RIP Pak LAW]

Real state and construction business to get a restart in Pakistan and Karachi back again. Many attached industries will be benefited hence the economy. This is huge news for local business.

 

[JF-17ThunderBlock3]

Mubarak ho Milk Riaz
Justice System "Tuwada Allah hi Hafiz Ey"

 

[RIP Pak LAW]

This is the same mentality , khata ha tu lagata bhi tu ha ...

I don't when do we learn that a society cannot survive unless it has a justice system in place ... He produced something beautiful by theft, robbery and bribery, but its Ok for you as the output is good ... So in short you are saying that criminal activities are fine as long as output is good and the one who is trying to earn through honesty is stupid ...

Hatts off to this thinking

Obviously you are an ingnorant at highest level. First go and understand how the system works in Pakistan. If you analyze real estate business in Pakistan than you will realise everything here works through corruption started all the way from government level. Tycoons like Malik Raiz wont hesitate to exploit or you may say deal the situation accordingly since they are here to make money. Provide them clean corruption free atmosphere, they won't able to do any shit.

 

[El Sidd]

This is the same mentality , khata ha tu lagata bhi tu ha ...

I don't when do we learn that a society cannot survive unless it has a justice system in place ... He produced something beautiful by theft, robbery and bribery, but its Ok for you as the output is good ... So in short you are saying that criminal activities are fine as long as output is good and the one who is trying to earn through honesty is stupid ...

Hatts off to this thinking

So you are building a new city away from a city which hosts 20 million people already. Just 30 km away.
No sanctioned water supply or gas supply.
The land acquired through corruption.

But here is a lollipop and truck ki batti to keep you busy.

 

[RIP Pak LAW]

It's a win win situation for everyone. Atleast getting some money than nothing. Had it been ppp or pmln, nothing would had been recovered.

 

[Baby Leone]

SC accepts Bahria Town Karachi's Rs460bn offer, halts NAB references
Haseeb BhattiUpdated March 21, 2019
Facebook Count
Twitter Share

34

SC has restrained NAB from filing references against Bahria Town Karachi. — Bahria Town/File

The Supreme Court on Thursday accepted Bahria Town Karachi's Rs460 billion offer for the lands it occupies in the Malir district of Karachi and restrained the National Accountability Bureau (NAB) from filing references against it.

The Supreme Court last week had reserved its ruling on whether or not to accept a fresh offer by the Bahria Town (Pvt) Limited to settle a case pertaining to its Malir or Karachi Super Highway project in lieu of payment of Rs450 billion. The Supreme Court raised the amount, that is to be paid by Bahria Town Karachi, to Rs460bn.

Bahria Town Karachi will have to pay the entire amount over seven years. In its verdict announced today, the top court ordered Bahria Town Karachi to pay 30 per cent of the amount by August this year. From September onward, it will have to pay monthly instalments of Rs2.25bn for the next three years. If the company fails to deposit two instalments, Bahria Town Karachi will be considered a defaulter.

Bahria Town Karachi: Greed unlimited

ARTICLE CONTINUES AFTER AD

After three years, it will have to pay a four per cent markup in case of late instalments. The company will also be required to give a 99-year lease to everyone who purchased a plot in Bahria Town Karachi housing project and will mortgage parks, cinemas and other assets owned by it.

Once the amount is paid in full, the court will pass a decision regarding the ownership of the land as in accordance with the law.

The money will be deposited in the Supreme Court which will then be distributed it as per the law, the order said. Bahria Town Karachi's director has also bee ordered to record a statement under oath regarding the payment.

“Either you have something to celebrate or nothing to rejoice about,” Justice Sheikh Azmat Saeed had observed in the previous hearing and added that “we believe the matter has run its course”.

Take a look: Land scams galore

A three-judge bench of the court had taken up the implementation of its May 4, 2018 judgement in which it was held that grant of land to Malir Development Authority (MDA) 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 illegal and “of no legal existence”.

The land was granted for launching an incremental housing project, but instead of launching such a scheme, the MDA exchanged it with Bahria Town that launched a scheme of its own, the judgement had held.

The apex court had clarified that it would recognise only the site plan of Bahria Town, Malir, identifying 16,896 acres in the district that had been signed both by the developer and the Space and Upper Atmosphere Research Commission.

It had also told the counsel that while putting forward an offer, he should bear in mind that the court was “not sitting on a negotiating table”.

 

[Yaseen1]

He will earn double than this amount through corruption if allowed to carry on business in future

 

[Baby Leone]

not good decision if its for 7 years....

 

[The Accountant]

Obviously you are an ingnorant at highest level. First go and understand how the system works in Pakistan. If you analyze real estate business in Pakistan than you will realise everything here works through corruption started all the way from government level. Tycoons like Malik Raiz wont hesitate to exploit or you may say deal the situation accordingly since they are here to make money. Provide them clean corruption free atmosphere, they won't able to do any shit.

I am not ignorant but I am fedup of this claim that asy hi hota hai ...

Who will take this first step ? We have to draw the boundaries ,,, what do you think he will pay from ... he will charge the residents from maintenance income and divert it to the government ...

 

[RIP Pak LAW]

I am not ignorant but I am fedup of this claim that asy hi hota hai ...

Who will take this first step ? We have to draw the boundaries ,,, what do you think he will pay from ... he will charge the residents from maintenance income and divert it to the government ...

Lol no bro.. He will make houses and sell them. 80% of the amount will go to the government.