The Supreme Court on Wednesday reserved its verdict in the case against Bahria Town (Pvt) Ltd after the builder upped its offer to Rs450 billion for the lands it occupies in the Malir district of Karachi. The verdict is to be announced on March 21.
At the onset of the case today, the counsel for Bahria Town offered to pay Rs2.25bn per month for the next five years. The rest of the amount will be paid in the next three years, he added.
The real estate tycoon also agreed to pay Rs20bn as down payment and 30 per cent of the installments, whereas parks, zoo and a cinema have been offered as guarantee. The counsel also pleaded to the court to withdraw the cases being pursued by the National Accountability Bureau against Bahria Town, and sought an exemption of taxes and fees for transfer of land.
At this, Justice Azmat Saeed remarked that the court will not be able to suspend the law for transfer of land, making it clear to the builder’s counsel that his client will have to pay the due taxes and government fees.
Source: dawn.com
