*ISLAMABAD – Bahria Town on Tuesday gave new settlement offer in theSupreme Court of Pakistan.*
*It made an offer of Rs485 billion to the Supreme Court (SC) for ending allinquiries against its management.*
The new proposal was submitted in the SC, in which, Bahria Town has askedfor complete legal immunity including Karachi, Muree and Rawalpindiprojects of its directors and management in return of its new offer ofRs485 billion.
In its new offer, Bahria Town has said that it will pay Rs485 billion foracquiring land illegally. It *will pay Rs440 billion for the 16,896-acreKarachi Superhighway project*, Rs22 billion for *Takht Pari Rakh forest* land,which spreads over 5,472 kanals, and *Rs23 billion for Sulkhtar* and Mangaland.
Bahria Town said that it will make the down payment of Rs20 billion forKarachi land in six months, however, it wants the Rs10.75 billion itdeposited in the court and Rs4.7 billion paid to the Sindh government to bereadjusted in its Rs20 billion offer.
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*In six months*, it will pay R4.55 billion. The payment will be madethrough daily installments of 30% of sales proceeds collected or depositingin BTPL’s accounts relating to project land.
The remaining Rs420 billion will be paid in monthly installments of Rs2million during the first five years and “average” monthly installment ofRs8.33 billion in the subsequent three years.
The Bahria Town said that it may transfer any of the developed property orasset to the government in lieu of the payments outstanding and or sell anyproperty or asset anywhere else to pay the outstanding amounts.
