ISLAMABAD – On the 15th of December, Bahria Town Limited, Karachi (BTLK) has requested to suspend further payments to purchase 16,896 acres worth of land from the Malir Development Authority.
Originally, the BTLK was paying at least PKR 2.5 billion on the 7th of each month in order to reach the final agreed amount of 460 billion, of which the society had already paid 57 billion. However, due to the COVID-19 pandemic, multiple factors have forced the society to request the Supreme Court about extending the payment deadline for the entire sum until September 2023.
The BTLK society has also remarked in its application about expenditures beside the monthly installments; the developer spends at least PKR 1 billion monthly in order to maintain the land as well as to pay royalties to other parties.