The Thursday’s ruling of Supreme Court over the land acquisition case on Bahria town Karachi marks a victory for Bahria Town (Pvt) Limited as its offer of paying Rs.460 Billion over the Malir or Karachi Super Highway project is accepted.
The case was heard last week and the decision was finalized. However, the decision is finally out now! According to the Supreme Court’s ruling over the case, now Bahria Town has to pay Rs. 460 billion in a span of 7 years to so that they can get through the case.
Even though Bahria town had offered Supreme Court a hefty amount of Rs.450 billion over their land accusation, yet in their final verdict, the SC has charged an amount of Rs.460 billion.
What is the mode of Payment?
The Bahria Town Karachi does not has to pay the entire amount at once but has to pay in installments which stretched over 7 years. The first installment is to be paid by August which amounts for Rs.25 Billion.
From September, it shall pay a monthly installment of Rs.2.25 Billion for 3 years. Failing to deposit two installments will automatically mark Bahria Town Karachi a defaulter.
Markup of 4% will be put forth on Bahria Town Karachi in case it fails to give installment on-time. This markup will get operational after 3 years.
Can Bahria Town Karachi now sell the land?
Yes, the company is now free to sell their land. However, the land or the plots are under lease base jurisdiction. The plots are to be sold on a lease program of 99 years. The Parks, cinemas, and assets of Bahria Town Karachi are to be mortgaged.
The SC tells NAB not to file a reference against the company (Bahria Town Karachi) until the company fails to do as per the direction of SC.
The ownership of the land will be passed once the payment is cleared. Upon this, the SC judge remarked that you will get something to celebrate or nothing to rejoice!
What will SC do with Rs.460 billion?
The hearing disclosed that currently the money will be deposited with the SC and once the payment is completed, it will be distributed according to the law.
What is Malir Land Acquisition case all about?
The case was filed on May 4th, 2018 after it was found that the Malir Development Authority (MDA) by the Sindh Government had exchanged land with Bahria Town Karachi. The Land was given to Malir MDA to initiate a housing project, yet it exchanged it with Bahria town so that it could start its own housing scheme there. This was all done illegally and was against the Government Land Act of 1912.