KARACHI - Supreme Court of Pakistan recently announced a landmark verdict barring Bahria Town from any sale or purchase of property in the metropolis.
After SC’s decision, property prices at Bahria Town are already seeing an impact, with the value of plots down by 10 to 20%.
Some sources told that property transactions have stopped entirely. Others held a different view, saying the deals that took place before the verdict are in order.
The verdict caused panic among the buyers who are yet to receive possession of their property as well.
Muhammad Shafi Jakwani, CEO of Citi Associates and Senior Vice Chairman FPCCI’s Standing Committee on Real Estate Planning and Research, has mentioned that property transactions at Bahria are stagnant at this point.
There is no seller or buyer of Bahria in the market right now as transactions are stagnant. However, the transfers were in process on Friday and Saturday and even it continued to Monday on those deals which had been signed 15-20 days back. Prices of plots and houses in Bahria have decreased by 10pc in the last three days.
Mr. Jakwani added that situation will improve once the dust settles adding that the value has come down by 10%.