Bahria Town revises offer to settle three projects

ISLAMABAD: The management of Bahria Town on Tuesday made a new offer of payment of Rs485 billion as a settlement of all the three projects in Karachi, Rawalpindi and Islamabad within a period of eight years.

Last week, it offered a payment of Rs479.598 billion as a final settlement of all the three projects in Karachi, Rawalpindi and Islamabad within a period of nine years.

A three-member implementation bench of the apex court in the Bahria Town Karachi case judgment headed by Justice Sheikh Azmat Saeed while hearing the case had asked Bahria Town to revise the offer and inform it by March 13.

In pursuance of the court’s advice, Barrister Ali Zafar, counsel for Bahria Town, while filing a CMA in the case, offered an increase of close to Rs6 billion as a settlement of all the three projects.

Barrister Ali Zafar prayed the apex court to consider their proposal for final settlement of all the three cases namely Bahria Town Karachi Super Highway Project land of 16,896 acres - state/government land, Takht Pari forest land of 5,472 kanlas and Sulktar and Manga Land of 4,542 kanals.

He submitted that the Management of Bahria Town would be willing to pay a total of Rs485 billion (all inclusive of fees, charges, duties taxes etc.) comprising of land price, regularisation fee and mesne profit for full and final settlement of all the three cases in accordance with terms and conditions.

The counsel stated that they will pay Rs440 billion for Bahria Town Karachi Super Highway Project, Rs22 billion for Takhtpari Rakh including BTPL land and Rs23 billion for Sulkhtar and Manga land.

The counsel prayed the apex court to allow Bahria town to pay the balance amount of Rs420 billion in eight years in monthly instalments (i.e. an average monthly instalment of Rs2 billion during first five years and average monthly instalment of Rs8.33 billion during subsequent three years.

Last week, Bahria Town had offered payment of Rs479.598 billion all inclusive of fees, charges, duties, taxes etc. comprising of land price, regularisation fee and mesne profit for full and final settlement all the three cases in accordance with terms and conditions The bench will take up the matter today (Wednesday) at 1:00pm.