Bahria Town makes a whopping offer of Rs 485 billion

Bahria Town makes a whopping offer of Rs 485 billion
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*ISLAMABAD – Bahria Town on Tuesday gave new settlement offer in the Supreme Court of Pakistan.*

*It made an offer of Rs485 billion to the Supreme Court (SC) for ending all inquiries against its management.*

The new proposal was submitted in the SC, in which, Bahria Town has asked for complete legal immunity including Karachi, Muree and Rawalpindi projects of its directors and management in return of its new offer of Rs485 billion.

In its new offer, Bahria Town has said that it will pay Rs485 billion for acquiring land illegally. It *will pay Rs440 billion for the 16,896-acre Karachi Superhighway project*, Rs22 billion for *Takht Pari Rakh forest* land, which spreads over 5,472 kanals, and *Rs23 billion for Sulkhtar* and Manga land.

Bahria Town said that it will make the down payment of Rs20 billion for Karachi land in six months, however, it wants the Rs10.75 billion it deposited in the court and Rs4.7 billion paid to the Sindh government to be readjusted in its Rs20 billion offer.

*In six months*, it will pay R4.55 billion. The payment will be made through daily installments of 30% of sales proceeds collected or depositing in BTPL’s accounts relating to project land.

The remaining Rs420 billion will be paid in monthly installments of Rs2 million during the first five years and “average” monthly installment of Rs8.33 billion in the subsequent three years.

The Bahria Town said that it may transfer any of the developed property or asset to the government in lieu of the payments outstanding and or sell any property or asset anywhere else to pay the outstanding amounts.

Pakistan