ISLAMABAD: The Supreme Court of Pakistan has once again turned down Bahria Towns offer to pay Rs405 billion in 12 years for acquiring land illegally for its project in Malir district of Karachi.
As the hearing went underway Justice Sheikh Azmat Saeed remarked that, Neither the offer amount nor the period of payments appears to be exciting.
Justice Azmat Saeed said that the court will not stop NAB from functioning at any cost.
According to the offer, the business tycoon will submit an amount of Rs. 2 billion every month for the first six years and Rs. 1 billion per month for the rest of the period. But, the top court observed that the money offered did not suffice for the thousands of acres of land that Malik Riaz acquired illegally.
Earlier on November 17, Sindhpost revealed that Sindh Building Control Authority (SBCA) had distanced itself from the claim of Real Estate Tycoons firm Bahria Town developers that the land granted to them was at the discretion of Malir Development Authority.
Last year NAB had raided an office of the MDA and found what it said was an important document against Bahria Town.
It must be noted that MDA is accused of illegally transferring government land to Bahria Town on Karachis Super highway.
The land was granted for launching incremental housing scheme. But instead of launching the scheme, the MDA exchanged it with the Bahria Town to enable it to launch a scheme of its own.
The MDA was created through the Malir Development Authority Act 1993 for development of certain areas of Karachi division.
Bahria Town purchased 7 thousand acres of land at low rate from Rs. 30 thousand to Rs. 50 thousand and in some places at the rate of Rs. 5 lacs in different parts /Dehs of district Malir, Karachi and got precious land exchanged/ consolidated against the settled laws of Government of Sindh at Super Highway where the rate of land is Rs. 50 lac per acre.