Bahria Town (Pvt) has reviewed the amount of its full and final settlement, raising it to Rs. 485 billion, for all the three cases with the Supreme Court regarding its projects in Rawalpindi, Malir, and Murree.
From this amount, Rs. 440 billion will be earmarked for the 16,896-acre Malir project/Karachi Superhighway Project Land while Rs. 22 billion will go to the 5,472-canal Takht Pari Rakh (Rawalpindi), and Rs. 23 billion for 4,542 canals of Sulkhtar and Manga land (Murree).
Moreover, the settlement offer includes the charges, fees, taxes on land price, and regularization fee for full and final settlement of the projects under question.
The offer is also inclusive of the terms and conditions for payment regarding the 16,896-acre Malir project. As per the proposal, the real-estate developer will make a down payment of Rs. 20 billion within six months following the finalization of the proposal.
The real estate company’s lawyer also reminded that an amount worth Rs. 10.75 billion already rests with the Supreme Court apart from Rs. 4.7 billion given to the Sindh government. The proposal asks to adjust this Rs. 15.47 billion against Rs.20 billion.
It maintained in the proposal that six months period is incumbent to restore the investors’ trust and to reorganize the inflow of the pending installments from the allottees.
In these six months, 30 percent of the sale proceeds collected or deposited in the Bahria Town accounts pertaining to the project land will go every day to the accounts specified by the apex court.
The payment of remaining Rs. 420 billion will be carried out in monthly installments during the next eight years. The average monthly installment worth Rs. 2 billion will be paid in the initial five years while for the subsequent three years, the average monthly installment will be Rs. 8.33 billion.
Earlier, a three-member bench of the apex court asked the Bahria’s counsel to consider increasing their offer further. The bench will sit again today to take up the implementation of May 4, 2018 judgment.