Bahria Town.....Karachi

[AZADPAKISTAN2009]

Bahria Town (small city) is pretty much dead now , due to Bureaucracy in nation

>Bahria Town's net worth is around 30 Billion Dollar
>Government is demending 5 Billion Dollar up front from Developer which might be difficult to produce

Government should have tied in the demand to actual profits after sale of property to buyers

• 17% Tax on 30 Billion Dollar = 5.1 Billion Dollar
• 2-3 Billion for construction / salaries for labors
• 23 Billion in Profits to be distributed to him and his partners (investors if any)

I don't think Malik Riaz is rich enough to develop the city and also give this upfront money
he should be asked to give this fund after sale of all property is done



After the Failiure of Crescent Bay project in Karachi this will be the second failed project of enormous stature

 

[Great Janjua]

No activity, all equipment gone n so the stadium.........................

Update????

 

[ghazi52]

Update????

No activity, all equipment gone n so the stadium.........................

 

[Great Janjua]

No activity, all equipment gone n so the stadium.........................

Damn

 

[AZADPAKISTAN2009]

https://www.samaa.tv/news/2019/02/sc-turns-down-bahria-towns-offer-to-pay-rs405b-in-12-years/

Pakistan’s top court has once again turned down Bahria Town’s offer to pay Rs405 billion in 12 years for acquiring land illegally for its three projects in Karachi, Islamabad, and Murree.

Bahria Town’s lawyer, Ali Zafar, asked for more time to review the time period to pay the amount.

An implementation bench of the Supreme Court was hearing a case on court order which barred Bahria Town Karachi from selling any plot. In its May 4, 2018 verdict the court had declared the land granted to the Malir Development Authority as illegal.

Some poor soul stuck in chaos on social media

This is not a small issue every Pakistani Oversea is following the Bahria Town story closely

https://tribune.com.pk/story/1862488/1-lights-go-off-bahria-town-financial-crisis-deepens/

Government has to step in to ensure , a reasonable outcome is attained so investment of Pakistani is protected and also Tax is collected from Bahria Town but in reasonable fashion

 

[ghazi52]

Bahria Town wants an end to all inquiries against its management in return for Rs 485 billion

Bahria Town has asked for complete legal immunity of its directors and management in return of its new offer of Rs485 billion.

The new proposal was submitted in the Supreme Court on Tuesday. After finalisation of the proposal all criminal and civil liabilities against its “directors (past and present), shareholders, management of BTPL and/or its associated entities shall cease to exist,” says the proposal.

All “on-going inquiries, investigations by all agencies (NAB, FIA, FBR, Anti-corruption) in said matters is said to be ceased/waived/discharged,” according to the proposal. It asks for the court to refrain investigating agencies from investigations against the management for “all times to come”.

On May 4, 2018 the court ruled that the Malir Development Authority illegally granted land to Bahria Town.

The Sindh government had allotted the land to MDA for building a housing scheme. The MDA, however, exchanged the land with Bahria Town, the court said. Bahria Town was even barred from selling any plot or apartment in the housing scheme. The top court has been hearing a case on the implementation of its verdict.

The Bahria Town has made several proposals to get the land transferred to it. The court has rejected all the proposals so far.

In its new offer, Bahria Town has said that it will pay Rs485 billion for acquiring land illegally. It will pay Rs440 billion for the 16,896-acreKarachi Superhighway project, Rs22 billion for Takht Pari Rakh forest land, which spreads over 5,472 kanals, and Rs23 billion for Sulkhtar and Manga land.

Bahria Town said that it will make the down payment of Rs20 billion for Karachi land in six months, however, it wants the Rs10.75 billion it deposited in the court and Rs4.7 billion paid to the Sindh government to be readjusted in its Rs20 billion offer

In six months, it will pay R4.55 billion. The payment will be made through daily installments of 30% of sales proceeds collected or depositing in BTPL’s accounts relating to project land.

The remaining Rs420 billion will be paid in monthly installments of Rs2 million during the first five years and “average” monthly installment of Rs8.33 billion in the subsequent three years.

The Bahria Town said that it may transfer any of the developed property or asset to the government in lieu of the payments outstanding and or sell any property or asset anywhere else to pay the outstanding amounts

 

[Pakistansdefender]

Bahria Town wants an end to all inquiries against its management in return for Rs 485 billion

Bahria Town has asked for complete legal immunity of its directors and management in return of its new offer of Rs485 billion.

The new proposal was submitted in the Supreme Court on Tuesday. After finalisation of the proposal all criminal and civil liabilities against its “directors (past and present), shareholders, management of BTPL and/or its associated entities shall cease to exist,” says the proposal.

All “on-going inquiries, investigations by all agencies (NAB, FIA, FBR, Anti-corruption) in said matters is said to be ceased/waived/discharged,” according to the proposal. It asks for the court to refrain investigating agencies from investigations against the management for “all times to come”.

On May 4, 2018 the court ruled that the Malir Development Authority illegally granted land to Bahria Town.

The Sindh government had allotted the land to MDA for building a housing scheme. The MDA, however, exchanged the land with Bahria Town, the court said. Bahria Town was even barred from selling any plot or apartment in the housing scheme. The top court has been hearing a case on the implementation of its verdict.

The Bahria Town has made several proposals to get the land transferred to it. The court has rejected all the proposals so far.

In its new offer, Bahria Town has said that it will pay Rs485 billion for acquiring land illegally. It will pay Rs440 billion for the 16,896-acreKarachi Superhighway project, Rs22 billion for Takht Pari Rakh forest land, which spreads over 5,472 kanals, and Rs23 billion for Sulkhtar and Manga land.

Bahria Town said that it will make the down payment of Rs20 billion for Karachi land in six months, however, it wants the Rs10.75 billion it deposited in the court and Rs4.7 billion paid to the Sindh government to be readjusted in its Rs20 billion offer

In six months, it will pay R4.55 billion. The payment will be made through daily installments of 30% of sales proceeds collected or depositing in BTPL’s accounts relating to project land.

The remaining Rs420 billion will be paid in monthly installments of Rs2 million during the first five years and “average” monthly installment of Rs8.33 billion in the subsequent three years.

The Bahria Town said that it may transfer any of the developed property or asset to the government in lieu of the payments outstanding and or sell any property or asset anywhere else to pay the outstanding amounts

3 billion dollars are offered..
Enough to start bhasha dam and even.
Great way to up reserves immediately and money thrown into System.
Supreme Court must accept it.
This would start a new example for others to follow.
Though. Zardari and nawaz would do this Their money is more important then their life.

 

[Paul2]

To me as an outsider, this sound past the level of surreal.

 

[newb3e]

thats low must be somewhere around 750b

 

[ghazi52]

The Supreme Court (SC) on Thursday ordered the conclusion of all legal proceedings against Bahria Town Karachi after accepting the Rs460 billion offer made by the real estate develop earlier and allowed the company to continue work in Karachi.

The apex court has also halted the National Accountability Bureau (NAB) from filing any references against Bahria Town and allowed the company to sell their plots in the metropolis.

According to the order, NAB will have to seek approval from the top court before pursuing any case against Bahria Town or the Sindh government.

The apex court also instructed Bahria Town Karachi to pay the amount in installments over the next seven years.

“Bahria Town Karachi will pay the first installment of Rs 25 billion by August 27,” the court said.

Sindh’s advocate general suggested during the hearing that the funds should be deposited by Bahria Town into the account of the provincial government.

 

[Paul2]

The Supreme Court (SC) on Thursday ordered the conclusion of all legal proceedings against Bahria Town Karachi after accepting the Rs460 billion offer made by the real estate develop earlier and allowed the company to continue work in Karachi.

The apex court has also halted the National Accountability Bureau (NAB) from filing any references against Bahria Town and allowed the company to sell their plots in the metropolis.

According to the order, NAB will have to seek approval from the top court before pursuing any case against Bahria Town or the Sindh government.

The apex court also instructed Bahria Town Karachi to pay the amount in installments over the next seven years.

“Bahria Town Karachi will pay the first installment of Rs 25 billion by August 27,” the court said.

Sindh’s advocate general suggested during the hearing that the funds should be deposited by Bahria Town into the account of the provincial government.

Oh my, they almost made me to believe that they will do that for real...

 

[ghazi52]

Latest

 

[ghazi52]

 

[ghazi52]

 

[ghazi52]

Work progress Karachi Bahria town Underpass M9 motorway