KARACHI: The Sindh Building Control Authority (SBCA) on Thursday imposed a complete ban on the booking, sale, purchase and advertising of properties in Bahria Town Karachi following the cancellation of its provisional no-objection certificate (NOC).
According to SBCA’s conciliation orders, the NOC — originally issued on Sept 19, 2022 — was revoked over non-payment of Rs460 billion in installments as directed by the Supreme Court.
With the cancellation, Bahria Town’s control over 16,896 acres of land has come under serious threat. The authority, however, assured that allottees’ rights would remain protected and directed Bahria Town management to immediately furnish a complete list of allottees.
The move marks a significant setback for one of the country’s largest private real estate ventures and has triggered uncertainty among property buyers and investors.
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Earlier this year, the National Accountability Bureau (NAB) issued a public notice to auction six properties in Rawalpindi and Islamabad after Bahria Town chairman Malik Riaz and his son Ali failed to pay the sum agreed in a plea bargain to settle the £190 million case.
Last month, the Supreme Court dismissed a petition seeking a stay against the auction of Bahria Town’s properties and directed the housing society’s counsel to submit copies of pending references.
Several Bahria Town projects across Pakistan now face uncertainty, leaving millions of residents and overseas investors alarmed about the future of their investments.
