Bahria Town has increased its offer for the 16,896-acre Karachi Superhighway project from Rs440 billion to Rs450 billion.
The new proposal was submitted to the Supreme Court on Wednesday.
It has offered to pay Rs2.25 billion every month for five years. The remaining amount will be paid in three years, said Bahria Town’s lawyer Ali Zafar. He said that they are willing to keep the Danzoo (day and night zoo), parks and Cine Gold cinema as a guarantee for the payment.
The court reserved its verdict on Bahria Town’s proposal. It will be announced on March 21.
Justice Azmat Saeed said that the court cannot suspend the ruling over the transfer of land. “You will have to pay the tax and government fee on it,” he said.
Bahria Town has asked for the complete legal immunity of its directors and management in return for its new offer. After the finalisation of the deal, all criminal and civil liabilities against its “directors (past and present), shareholders, management of BTPL and/or its associated entities shall cease to exist,” according to the proposal.
All “on-going inquiries, investigations by all agencies [NAB, FIA, FBR and anti-corruption] in said matters is said to be ceased/waived/discharged,” according to the proposal. It asks for the court to restrain investigating agencies from investigations against the management for “all times to come”.
The Malir Development Authority lawyer said that all cases against Sindh government officials relating to Bahria Town should be waived off too.
Justice Saeed told him that the court is finalising a deal with Bahria Town, not the Sindh government. “People should refrain from creating the impression that the court will accept the deal,” said the judge.
On May 4, 2018 the court ruled that the Malir Development Authority illegally granted land to Bahria Town.
The Sindh government had allotted land to the MDA to build a housing scheme. The MDA, however, exchanged the land with Bahria Town, the court said. Bahria Town was even barred from selling any plots or apartment in the housing scheme. The top court has been hearing a case on the implementation of its verdict.
Bahria Town has made several proposals to get the land transferred to it. The court has rejected all the proposals so far.