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Peaceful Protest by Bahria Town Karachi Affectees

Peaceful Protest by Bahria Town Karachi Affectees

Bahria Town Karachi affectees have planned a peaceful protest rally regarding their properties (plots, villas and apartments) which are in uncertain condition because of Supreme Court’s lengthy process & investigations. This protest rally by Bahria Town affectees is planned on Saturday 8th December 2018 at Shahrah e Faisal Karachi. All Real Estate members, allottees, employees and workers of Bahria Town Karachi are requested to participate in the rally along with their office staff, friends and families.

Protest by Bahria Town Karachi Affectees

Bahria Town Karachi affectees are going to protest at Shahrah e Faisal Karachi on 8th December 2018. These protestors include real estate agents, investors, buyers, Bahria Town staff, employees & workers. Protestors claimed that 5,000 workers have not been paid salaries for the past six months since Supreme Court barred Bahria Town Karachi to collect installments from buyers. Some investors, who have paid installments over the previous five years, questioned the fate of their life savings and insisted the government to protect their investment. The protestors pleaded to the chief justice and the prime minister to take notice of this issue.

Supreme Court’s Verdict Impacts on Bahria Town Karachi & Real Estate Sector

As per Supreme Court’s Verdict, all funds and installments will remain in control of Supreme Court till the matter of illegal land swap remains unresolved. Bahria Town Karachi is facing a severe financial crises and badly short with funds and that is why all lights go off in Bahria Town Karachi. Moreover it is feared that over 45,000 employees of the Bahria Town may face delays in their salaries. Contractors are also not getting paid and various contracts worth millions of rupees have been cancelled.

The promise to create 100,000 jobs by the organization may also not be realized. All restoration and development work has come to a halt. For work to continue, the Bahria Town desperately needs funds. These funds are awaiting the SC’s final verdict on the matter. Till then all projects of the Bahria Town will remain closed.

One of the biggest supports to Pakistan’s economy is the business community and the remittances by overseas Pakistanis who tend to invest mostly in properties.

Supreme Court is unwisely getting into complex issues that will lead to disastrous impacts on economy, destroys lives of millions of ordinary citizens, grind down overseas investor confidence and kill Government’s housing plan before birth.

Keep visiting Jaidad Group for further real estate news and updates.

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