Supreme Court of Pakistan has stopped Bahria Town Karachi from collection of any sort of payment from plot owners which includes transfer fee, surcharges, taxes and installments etc. The apex court has created a separate account under Registrar Supreme Court of Pakistan that will be used to collect payments of Bahria Town.
This is a very important development in the case of Bahria Town Karachi, as Supreme Court has taken control of the money until the land issue is resolved. Whether you need to pay transfer fee, or your due installments, you will need to prepare a pay order/demand draft in favor of “Registrar Supreme Court of Pakistan” and submit at the finance office of Bahria Town Karachi.
Earlier you could pay your CVT and other taxes within Bahria Town offices at the time of transfer, but now it is mandatory to submit your taxes in National Bank and submit the receipt at Bahria Town offices at the time of transfer.
Many people have stopped paying their due installments due to this development, and market is abuzz with negative speculations and uncertainty about the future of Bahria Town Karachi. This development has worsen the market situation of Bahria Town even further, and property prices are continuously on the fall.
Since Bahria Town is the biggest property market involving thousands of estate agents, industrialists, workers and investors across Pakistan and abroad, this whole issue is bound to be settled amicably due to immensity of third party interest. We will update on the ongoing case of Bahria Town Karachi and its implications in our next article, so stay tuned !
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