Relief for allottees as Supreme Court accepts Bahria Twon Karachi’s offer
ISLAMABAD: The Supreme Court has accepted Bahria Twon’s offer to pay over Rs460 billion for its Karachi project, a development which comes as huge relief for allottees.
The offer was accepted by a three-member bench of the apex court headed by Justice Sheikh Azmat Saeed Sheikh.
The court room echoed with clapping as the bench gave approval to the proposal.
Bahria Town will have to pay the money during the next seven years after paying Rs25 billion downpayment in August.
The real estate company will submit Rs2.5 billion monthly in the first our years while rest of the amount will be paid in the next three years.
Under the deal, Bahria Twon will begin paying the amount from September 2019.
A 4 percent mark up will be applicable in case of delay in payments.
The money would be submitted to Supreme Court which will transfer the money to the parties Bahria Town was supposed to pay.
The bench ordered Bahria Twon dierctor to submit an affidavit to the court regarding the commitment.
Moreover, the court has prevented National Accountability Bureau (NAB) from filing further references against Bahria Town and seek court’s approval if ant-graft body intends to file references in the future.