SC accepts Bahria Town's Rs460bn offer, bars NAB from filing reference
In case of late payment a markup of 4 percent will be added to the total.
ISLAMABAD (Dunya News) – Supreme Court on Thursday accepted Bahria Town Karachi’s Rs460 billion offer in the land swap case with the Malir Development authority initiated by the former Chief Justice Saqib Nisar and barred the National Accountability Bureau (NAB) from filing references against the Bahria Town.
The apex court ordered the Baharia Town to pay the amount in seven years, it will make a down payment of Rs25 billion by 27 August 2019. From September Bahria Town will pay an installment of Rs2.5 billion per month till next four years and remaining amount in the next three years.
In case of late payment a markup of 4 percent will be added to the total.
The money will be submitted in the account set up by the Supreme Court. The land will be transferred to Bahria Town’s name after they pay the full amount. Bahria Town had asked for the immediate transfer of the land onto its name.
The residents of the Bahria Town will be given 99-year leases.
The counsel of Malir Development Authority (MDA) said that the amount being received from Bahria Town should be given to Sindh government to which Justice Azmat Seed said that we know where to submit the money.
“The money hasn’t come and you have already started fighting over it,” remarked Justice Azmat Saeed.
