Bahria Town Funds Not To Be Included In the Next Year’s Budget Plan

muzzamil mehboobWeb Editor

16th Jun, 2021. 02:10 pm
Bahria Town Funds Not To Be Included In the Next Year's Budget Plan

Bahria Town has been excluded from this year’s budget. The amount that the real estate giant was supposed to deposit was Rs460 billion.

The Supreme Court, on 21st March 2019, had accepted the land developer’s offer to pay Rs460 billion in order to purchase the land in Malir, Karachi and ordered it to deposit the amount in the account with the apex court. The land was around 16,896 acres.

The Court ordered the Bahria Town to deposit the down payment of Rs25 billion and afterwards monthly instalment of Rs2.5 billion for the first four years of the seven-year period. The remaining amount would be paid equally in monthly instalments for the last three years.

Sindh Government had not received any amount from the Bahria Town. The Government also excluded the one year Rs30 billion from its non-tax-receipt. However, it is not willing to give up its claim on the total sum.

The budget documents showed that the Rs30 billion receivables were reflected in the budget plan 2020-21. The Supreme Court ordered that the wherein “total receivable to Government of Sindh is Rs460 billion plus mark-up charges due”.

The previous amount is not mentioned in the budget plan 2021-22 and it is said that the total recovery amount from the Bahria Town by 30th June 2022 would be Rs110 billion.

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