In Islamabad, there are murmurs that Bahria Town, a renowned housingsociety, may be contemplating a strategic move—declaring bankruptcy—toavoid a massive payment of Rs460 billion, according to certain journalists.
The possibility of this strategic move has sent shockwaves across variouscities, leaving investors in Bahria Town’s diverse schemes apprehensiveabout the fate of their investments. Mansoor Ali Khan, in a V-log, quotedjournalist Waseem Abbas, further fueling speculations about Bahria Town’sunconventional route.
The situation gains momentum with reports indicating that Bahria TownPeshawar is struggling to attract customers, and there has been asignificant 35% drop in property prices in Bahria Town Karachi.
The genesis of this saga lies in the dealings between Bahria Town and theMalir Development Authority (MDA), involving a colossal sum of Rs460billion. The Supreme Court, in the case, has issued notices to individualsassociated with Bahria Town Peshawar, demanding transparency in the paymentof installments agreed upon for the acquisition of land on the outskirts ofKarachi.
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The controversy surrounding Bahria Town Peshawar is centered on the court’sdirective, outlining a clear path: upon the completion of the heftypayment, ownership of the expansive land would be transferred to BahriaTown Pakistan. In return, the real estate behemoth would allocate the landto residents under a 99-year lease.