The Naya Pakistan Housing Authority is likely to sign a Memorandum of Understanding with Bahria Town for the construction of 5,000 apartments in Islamabad and Karachi, the federal government told the Supreme Court Thursday.
Of them, 2,000 flats will be constructed in Islamabad and 3,000 in Karachi. This was stated in the government response to the court in the Bahria Town implementation case.
In 2019, the Supreme Court had accepted an offer by Bahria Town to pay Rs460 billion for the Malir Development Authority’s land in Karachi.
Bahria Town was ordered to make the full payment in seven years. It was told to deposit Rs2.5 billion every month for four years and the remaining amount in the next three years.
The money was to be deposited in an account set up by the Supreme Court.
The real estate firm had requested for a deferment in the deadline to pay instalments.
The government, however, said the company will have to make all payments in the period set by the court.