Bahria Town submits new proposal of Rs 485 billion

ISLAMABAD, Mar 12: The Bahria Town on Tuesday submitted a new offer of Rs 485 billion before the Supreme Court seeking an end to all inquiries.

The proposal was submitted by Advocate Ali Zaffar.

The proposal stated that 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.

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 Rs 485 billion for acquiring land illegally. It will pay Rs 440 billion for the 16,896-acre Karachi Superhighway project, Rs 22 billion for Takht Pari Rakh forest land Rawalpindi, which spreads over 5,472 kanals, and Rs 23 billion for Sulkhtar and Manga land.

Bahria Town said that it will make the down payment of Rs 20 billion for Karachi land in six months, however, it wants that Rs10.75 billion it deposited in the court and Rs 4.7 billion paid to the Sindh government to be readjusted in its Rs 20 billion offer.

In six months, it will pay Rs 45 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 Rs 420 billion will be paid in monthly installments of Rs 2 billion during the first five years and average monthly installment of Rs 8.33 billion in the subsequent three years.

The Bahria Town said 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.

(APP)