KARACHI – Supreme Court of Pakistan recently announced a landmark verdictbarring Bahria Town from any sale or purchase of property in the metropolis.

After SC’s decision, property prices at Bahria Town are already seeing animpact, with the value of plots down by 10 to 20%.

Some sources told that property transactions have stopped entirely. Othersheld a different view, saying the deals that took place before the verdictare in order.

The verdict caused panic among the buyers who are yet to receive possessionof their property as well.

Muhammad Shafi Jakwani, CEO of Citi Associates and Senior Vice ChairmanFPCCI’s Standing Committee on Real Estate Planning and Research, hasmentioned that property transactions at Bahria are stagnant at this point.

There is no seller or buyer of Bahria in the market right now astransactions are stagnant. However, the transfers were in process on Fridayand Saturday and even it continued to Monday on those deals which had beensigned 15-20 days back. Prices of plots and houses in Bahria have decreasedby 10pc in the last three days.

Mr. Jakwani added that situation will improve once the dust settles addingthat the value has come down by 10%.