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Monday, February 18, 2019

Bahria Town asked to reconsider amount of money, period of instalments

Bahria Town asked to reconsider amount of money, period of instalments

ISLAMABAD: The Supreme Court has not accepted Bahria Town’s offer of Rs 405 billion for its housing project in Karachi and has, therefore, ordered it to reconsider the amount of money and the period of instalments. 

Barrister Ali Zafar, representing Bahria Town (Pvt) Ltd, informed the court that in pursuance of the court’s order, they have worked out the plan and are offering Rs 405 billion for its Karachi project. He said the amount will be paid in instalments over the period of 12 years, adding Rs 14 billion, which is with the Supreme Court, should be adjusted. 

He said in the first six years, Rs 2 billion per month will be paid, while in the remaining period they will pay Rs 3 billion per month. Zafar said this amount is more than sufficient as it is equal to the Sindh provincial government’s budget. With this amount many projects in Karachi could be launched, particularly a mega safe drinking water project. 

A three-member bench, headed by Justice Sheikh Azmat Saeed, said: “We are not very excited by the offer.” The bench heard the implementation of the apex court judgement on Bahria Town projects in Karachi, Murree and Rawalpindi. 

Justice Muneeb Akhtar, a member of three-member bench, asked the counsel, “You (Bahria Town) are not making any immediate payment and also like to pay the total amount in instalment in 12 years,” adding except the adjustment of Rs 14 billion, no amount will be paid. 

Justice Azmat said, “We can’t close our eyes to the value of money, as delayed payment will reduce its value.” He asked the counsel to think over to improve quantum of money and reduce the period of instalments. He cautioned that time is running out for Bahria Town. Justice Azmat said: “If the Bahria Town will not come up with reasonable offer then we will close chapter of Karachi and direct the NAB to proceed.” 

He ordered Prosecutor General NAB to proceed with the reference. “We can’t restraint the NAB,” the judge told PG NAB Syed Asghar Haider. 

Ali Zafar sought one week time to revisit the offer and payment plan. “Give us at least one week,” he added. 

Syed Asghar Haider said, “We have approved one reference. Four other references will also be filed against Bahria Town.” 

In response to a court’s query, Ali Zafar said that an allottee is given 5 to 8 year to make the final payment of a plot. Justice Azmat remarked, “You [Bahria] from allottees receive money in 5 to 8 years but will give the total amount in 12 years.” 

Proprietors of three authorised dealers of the Bahria Town namely Masoodul Ahsan Alvi of Prism Marketing, Mohammad Nadir of Messers Cosmos and Atif Ullhani of Tri-Star appeared before the bench and filed a report through Sardar Muhammad Aslam. 

However, the court expressed dismay over the report on data about the total number of plots, bookings made and the total number of amounts transacted as the precinct numbers of the plots were missing. The court directed them to file their report with complete information. 

On May 4, 2108 the Supreme Court with a 2:1 majority verdict ordered Bahria Town not to sell or purchase any plot, built-up unit and apartment, etc, after the announcement of this verdict. The review petitions of Bahria Town have also been dismissed. 

The court in its May 2018 judgement declared the grant of land to Malir Development Authority (MDA) by the Sindh government and its exchange with the land of Bahria Town illegal. With regard to Bahria Town Rawalpindi, the court held Bahria Town responsible for encroachment on forest land in the Takht Pari area near Islamabad. About New Murree Development Scheme, the court said, “We do not understand how suitable chunks of land were chosen and taken possession of without having recourse to legal proceedings and without the permission of the government in gross, grave and glaring violation of the law governing the partition of such land.” 

The case was adjourned until 28th February. 

Read on source



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