Bahria Town to declare Bankruptcy in a strategic move?
In Islamabad, there are murmurs that Bahria Town, a renowned housing society, may be contemplating a strategic move—declaring bankruptcy—to avoid a massive payment of Rs460 billion, according to certain journalists.
The possibility of this strategic move has sent shockwaves across various cities, leaving investors in Bahria Town’s diverse schemes apprehensive about the fate of their investments. Mansoor Ali Khan, in a V-log, quoted journalist Waseem Abbas, further fueling speculations about Bahria Town's unconventional route.
The situation gains momentum with reports indicating that Bahria Town Peshawar is struggling to attract customers, and there has been a significant 35% drop in property prices in Bahria Town Karachi.
The genesis of this saga lies in the dealings between Bahria Town and the Malir Development Authority (MDA), involving a colossal sum of Rs460 billion. The Supreme Court, in the case, has issued notices to individuals associated with Bahria Town Peshawar, demanding transparency in the payment of installments agreed upon for the acquisition of land on the outskirts of Karachi.
The controversy surrounding Bahria Town Peshawar is centered on the court’s directive, outlining a clear path: upon the completion of the hefty payment, ownership of the expansive land would be transferred to Bahria Town Pakistan. In return, the real estate behemoth would allocate the land to residents under a 99-year lease.