KARACHI: The overseas Pakistani affectees of Bahria Town Karachi (BTK) are forming a group of overseas Pakistanis who have been cheated by Malik Riaz, so that a collective line of action could be pursued including the legal remedy as well as formal protests if needed.
Bahria Town Karachi has defrauded thousands of its customers; wherein properties of a large number of customers have been canceled while the rest have been slapped with additional demands in the head of development charges, which Bahria Town has already collected. The allottees have also been slapped with penalties.
Irfan Ahmed Khan, an overseas Pakistani, said he had bought five properties in Bahria Town Karachi (BTK) and had paid millions of rupees in the last four years. “Now three of my properties have been cancelled and Bahria Town is offering to make 100 percent refund of the amount I paid for these properties.”
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It was known that Bahria Town was issuing one year post dated cheques against refund claims.
“It is not fair at all. I had made an investment and I want returns on my investment. Bahria Town had been receiving payments for the last four years, and if they are going to refund the amount, they have to pay a penalty which must not be any less than the return this asset class i.e. real estate gave in the last four years,” Khan added.
A very large number of Pakistanis and overseas Pakistanis had invested in Bahria Town Karachi, and now they feel defrauded. “A large number of overseas Pakistanis don’t even know about the things that are happening at BTK, as the BTK management didn’t even bother to inform its customers of the situation,” Khan said.
“Pakistani diaspora across the world, whom had invested in BTK, are very depressed and a lot of such victims have contacted me. We are forming a group/association of overseas Pakistani affectees of Bahria Town Karachi, and we will collectively seek justice,” Khan said adding that a large number of BTK customers have already come together and we have been talking to lawyers to seek justice.”
Bahria Town Karachi has cancelled hundreds of properties, and the owners are completely helpless.
Moreover, the owners whose properties have not been cancelled, are slapped with notices demanding 35% of the property value as development charges, which is in absolute violation of the terms and conditions of the sale purchase agreement.
“I am a Pakistani and I am a Canadian national. I have rights. We will drag Bahria Town and Malik Riaz to international courts if needed,” Muhammad Zafar, another victim of Bahria Town Karachi said.
Zafar said that at a time Pakistan was in dire need of support and assistance from overseas Pakistanis, such an episode would severely hurt the trust of overseas Pakistanis and discourage flow of investment. “I myself have decided never to invest in any project, real estate or otherwise, in Pakistan.”
“It is not just a matter of grave concerns for the real estate agents, investors and overseas Pakistanis but also for thousands of those masses who have invested their hard earned monies and savings in different projects of Bahria Town,” a statement issued by Karachi Chamber of Commerce and Industry (KCCI) noted.