Malik Riaz To Pay Rs 450 Billion As Settlement Of Bahria Town|Parhlo.com

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Malik Riaz Is Set To Pay Rs 450 Billion As Settlement Of Bahria Town Cases And This Is Some Serious Money - Parhlo.com

Malik Riaz Is Set To Pay Rs 450 Billion As Settlement Of Bahria Town Cases And This Is Some Serious Money!

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The case of Bahria Town has been an ongoing debate for quite some time which was finally settled recently. Malik Riaz’s journey from a humble government contractor in the 1990s to a real estate tycoon in the early 2000s has often been characterized as a rags-to-riches story!

Source/ DailyTimes

The management of Bahria Town on Wednesday offered payment of Rs. 479.598 billion as a final settlement of all the three projects in Karachi, Rawalpindi, and Islamabad within a period of nine years.

Source/ Samaa TV

Barrister Ali Zafar along with Khwaja Tariq Rahim and Azhar Siddique, counsels for Bahria Town, showed up before the court while prosecutor general of National Accountability Bureau Syed Asghar, and attorney general Tariq Khokar and Sindh Assistant Advocate General Sabtain Mahmood appeared before the court.

Moreover, Barrister Ali Zafar requested to the high court to consider their proposal for final settlement of all the three cases, namely Bahria Town Karachi Super Highway Project land of 16,896 acres, state land, Takht Pari forest land of 5,472 kanals and Sulktar and Manga Land of 4,542 kanals!

Furthermore, he submitted that the management of Bahria Town would be willing to pay a total of Rs. 479,598,000,0000 all including fee, charges, duties, taxes etc including of land price, regularisation fee, and profit for full and final settlement of all the three cases in accordance with terms and conditions.

Ali Zafar said Bahria Town is prepared to pay Rs. 435 billion for the 16,896-acre Bahria Town Karachi Super Highway Project, Rs. 21,888 billion for the 5,472-kanal Takht Pari forest land and Rs. 22,710 billion for the 4,542-kanal Sulkhtar and Manga Land.

However, Barrister Ali Zafar submitted that the land disowned by Bahria Town’s management as if plots were allocated to it would then accommodate the allottees in the 16,896-acre Bahria Town of Karachi.

The management of Bahria Town to review its offer of payment as well as the duration of its time and notify it by 13 March and adjourn the further hearing! If you have something more to add this story, let us know.

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