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SC asks Bahria Town (Pvt) Ltd to revisit latest offer of Rs435 bn for Malir land

Dr. Strangelove

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The Supreme Court on Wednesday asked Bahria Town (Pvt) Ltd to revisit its latest offer of Rs435 billion as the "full and final settlement" for the lands it occupies in the Malir district of Karachi

Bahria Town today presented a total offer of Rs479.598 bn for three cases, including the Bahria Town Karachi Super Highway Project land, Takht Pari Forest land and the Sulkhtar and Manga land it has illegally taken over.

A three-member bench of the apex court headed by Justice Azmat Saeed heard the case during which the legal counsel for Bahria Town, Barrister Ali Zafar, said they would pay Rs435 bn for Bahria Town Karachi over a period of nine years.

In response to this, Justice Saeed asked them to turn this into a "round figure".

Bahria Town had previously increased its offer to Rs405 bn from the earlier Rs358bn for the lands it possesses in the Malir district of Karachi. However, this had not satisfied the apex court.

The court had taken up implementation of its May 4, 2018 judgement in the case which held that the land grant to the Malir Development Authority (MDA) by the Sindh government, its exchange with the land of the private land developers — Bahria Town — and anything done under the provisions of the Colonisation of Government Land Act 1912 by the provincial government was illegal.

The land was granted to the MDA for launching an incremental housing scheme, but instead of doing so, the authority swapped it with Bahria Town, which launched a scheme of its own, the judgement had held.

Currently, Bahria Town is in possession of 16,896 acres of land in Malir district, whereas it has surrendered 7,675 acres to the MDA.

During the hearing today, Justice Saeed noted that the map presented by Prism Marketing, a private marketing company and an authorised dealer to sell plots on behalf of the Bahria Town, was different from that submitted by Bahria Town. He added that the area that Bahria Town had surrendered had also been included as a marketable area in Prism's map.

While addressing Barrister Zafar today, Justice Saeed noted that Bahria Town had submitted another petition which said that an alternative area would be provided if allotment was done in these areas.

Barrister Zafar said that the area for which Bahria Town has been denied ownership, alternative allotment will be provided.

In a previous hearing on Feb 28, the SC had expressed surprise as to why an authorised dealer of Bahria Town had shown in its record the sale of those lands which the real estate company did not possess or had surrendered to the MDA.

A reply furnished by the Prism Marketing had shown the sale of plots in certain precincts or areas which do not fall in the category of those owned by the developer tycoon Malik Riaz or which had been given up by him.

Take a look: Bahria Town Karachi: Greed unlimited

Additionally, the court also asked the National Accountability Bureau (NAB) to complete its investigation. On Feb 12, the SC had ordered NAB to go ahead with finalising references against the Bahria Town (Pvt) Ltd.

After asking Bahria Town to revisit its latest offer, the hearing of the case was adjourned till March 13.
https://www.dawn.com/news/1467988/s...visit-latest-offer-of-rs435-bn-for-malir-land
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It will end up being somewhere between 550-600 billion
 
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Bahria Town wants an end to all inquiries against its management in return for Rs485b

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
 
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SC reserves verdict after Bahria Town ups offer for Karachi land to Rs450bn
March 13, 2019


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Bahria Town has offered to pay an additional Rs10bn for MDA's land in Karachi, upping its total offer to Rs450bn. — Photo courtesy: Bahria Town/File

The Supreme Court on Wednesday reserved its verdict in the case against Bahria Town (Pvt) Ltd after the builder upped its offer to Rs 450 billion for the lands it occupies in the Malir district of Karachi. The verdict is to be announced on March 21.

At the onset of the case today, the counsel for Bahria Town offered to pay Rs2.25bn per month for the next five years. The rest of the amount will be paid in the next three years, he added.

The real estate tycoon also agreed to pay Rs20bn as down payment and 30 per cent of the installments, whereas parks, zoo and a cinema have been offered as guarantee.

Also read: Malik Riaz on bribes, blackmail and launching media empire

The counsel also pleaded to the court to withdraw the cases being pursued by the National Accountability Bureau against Bahria Town, and sought an exemption of taxes and fees for transfer of land.

At this, Justice Azmat Saeed remarked that the court will not be able to suspend the law for transfer of land, making it clear to the builder's counsel that his client will have to pay the due taxes and government fees.

The counsel for Malir Development Authority also requested the court to withdraw cases against government officials pertaining to Bahria Town. Justice Saeed responded by saying that the deal was being made with Bahria Town and not with the Sindh government.

The judge also discouraged the impression that the builder's "offer would [necessarily] be accepted".

The court had taken up implementation of its May 4, 2018 judgement in the case which held that the land grant to the Malir Development Authority (MDA) by the Sindh government, its exchange with the land of the private land developers — Bahria Town — and anything done under the provisions of the Colonisation of Government Land Act 1912 by the provincial government was illegal.

The land was granted to the MDA for launching an incremental housing scheme, but instead of doing so, the authority swapped it with Bahria Town, which launched a scheme of its own, the judgement had held.

Currently, Bahria Town is in possession of 16,896 acres of land in Malir district, whereas it has surrendered 7,675 acres to the MDA.
 
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It's same as Asif Ali Zardari tying bombs to the rich expats Pakistanis.

Otherwise, i can list 100 housing societies who have not delivered to their customers.

The land in question was useless baron land, worth nothing.
If supreme court or any other Pakistan believe otherwise, he should go and sell similar quality land to anyone at same price.
 
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I think what is happening to Bahria Town is not fair

Sure the man is a business man but if you look at the land he bought it was 100% barren land , lessless full of rocks and debris there were no roads and buses going there

Supreme court has to be reasonable


The Property / Land + Homes are worth 30 Billion Dollar that is true I have valued it rough estimates and taxes for it come to 5 Billion dollar

Provided Bahria town is given chance to pay that Tax in installment it should ensure development continues people's salaries are paid and investors who have invested their money is safe

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If some investor is turning a barren land into Profit it is due to his smart thinking
if Supreme court feels that some laws were broken he is giving a proper chance to pay any fine to close the issue out


If planning around bahria town was not so well plannd no one would buy a land that far from main city so credit is due for the Marketing Genius of Bahria Town owner who promised to make a properly planned city outside of Karachi


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Bahria Town had been a fresh breath in term of Proper Urban planning and development like Dubai in Pakistan the standard is very high for planning





I personally love how this project has been planned and designed should be repeated across Pakistan 100%

This level of development is on part with Jeddah, Abu Dahbi and Spain
 
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An extortionate fine is appropriate. The fine should act as a deterrent to others who think they can get away with this. I hope one by one all dodgy developers face the same fate.
 
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