SC accepts Bahria Town’s Rs460bn offer for Malir land

ISLAMABAD: The Supreme Court accepted on Thursday Bahria Town Karachi’s Rs 460 billion offer for the Malir Development Authority (MDA) land it procured.

The court also restrained the National Accountability Bureau (NAB) from filing references against the Bahria Town. A three-member implementation bench of the apex court, headed by Justice Sheikh Azmat Saeed, had reserved the verdict last week on whether or not to accept a fresh offer by the Bahria Town (Pvt) Limited to settle a case pertaining to its Malir land in lieu of payment of Rs 450 billion.

Announcing its verdict on Thursday, the Supreme Court accepted the offer, which was raised to Rs 460 billion. According to details, the Bahria Town will have to pay the entire amount over seven years. In its ruling, the top court ordered Bahria Town Karachi to pay Rs 25 billion by August this year.

From September onward, it will have to pay monthly installments of Rs 2.25 billion for the next three years. If the company fails to deposit two installments, Bahria Town Karachi will be considered a defaulter. After three years, it will have to pay a four per cent markup in case of late installments.

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.

Bahria Town’s counsel Barrister Ali Zaffar has sought a period of seven-and-a-half years to make the full payment, and also asked the court to allow the payments to be made to the Sindh government.

The Advocate General Sindh suggested that fund received from Bahria Town for Malir land should be deposited to the provincial government’s accounts.

Justice Azmat Saeed remarked the funds had not realised as yet, but squabbles had already started. He remarked the court would decide where the money would have to go.

The court also restrained the NAB to not file references against Bahria Town Karachi as long as the town’s administration complied with the order.

The counsel for the MDA requested the court to discard cases against Sindh government’s officials. Upon this, Justice Faisal Arab asked did he want that references should not be filed against those who misused their authority? Justice Azmat Saeed remarked the matter had only been settled with Bahria Town and if the NAB wanted to file references against other officials, it could petition the court. The court would decide after hearing both the parties, he added.

He remarked the court would pass a decision regarding the ownership of the land in accordance with the law after payment of full amount. He remarked the money woulod be deposited in the Supreme Court which would then be distributed as per the law. The court also ordered Bahria Town Karachi’s director to record a statement under oath regarding the payment.

The apex court had clarified it would recognise only the site plan of Bahria Town, Malir, identifying 16,896 acres in the district.