Bahria Town to deposit 20 percent amount received from allottees in Apex Court’s Account: SC

A three-member bench of the Supreme Court headed by Chief Justice Mian Saqib Nisar has restrained NAB from taking action against Bahria Town, allowing the builder to proceed with its project in Karachi.

Supreme Court had yesterday barred Bahria Town from accepting any payments from the allottees. However, a three-member bench headed by the Chief Justice Mian Saqib Nisar today made a decision in favor of the Real Estate Developer.

Announcing decision in Bahria town Karachi case today, the Chief Justice said that the apex court has taken a lenient approach keeping in view the interest of those who invested in the project.

The Chief Justice, however, in its order made it incumbent upon Bahria town Karachi to deposit twenty percent of the amount it will receive from the allottees in the apex court's account. The remaining eighty percent should be exclusively spent on development work in Bahria town Karachi project.

The court also directed the Bahria Town Chief Executive and Chairman Malik Riaz to deposit five billion rupees in the apex court's account within fifteen days.