Bahria Town Karachi Gets Approval from Supreme Court to Resume Work
Real Estate News
The Supreme Court of Pakistan, after barring Bahria Town Karachi from continuing operations, allowed the society to resume its development work. However, the apex court has directed the representatives of Bahria Town Karachi to deposit Rs. 5 billion as guarantee within 15 days of this decision
Spearheaded by the Chief Justice Saqib Nisar, a three-member bench of the Supreme Court conducted the hearing of review petitions filed on the behalf of Bahria Town on Wednesday. The court allowed Bahria Town Karachi to collect money from the allottees but they will have to deposit 20% of the collected amount with the court and 80% can be used on the development work and issuance of salaries of the employees.
Chief Justice of Pakistan Mr. Saqib Nisar also mentioned during the hearing that after the court holidays a larger bench of the apex court will resume the hearing filed by Bahria Town to arrive at a decision. It was also made clear to the NAB authorities that they will not take any action against Bahria Town until a final verdict is announced on the review petitions.
The news is welcomed by all the stakeholders and allottees at large terming it as a positive sign for their investments and the growth of real estate sector of the country and Karachi in particular. We, at ilaan.com, will keep you posted about any development regarding this case.