Bahria Town Karachi latest news regarding NOC cancellation is circulating on the internet. The founder of Bahria Town, Malik Riaz, is in the news headlines for allegedly going to default. However, we must look at this matter keenly to understand it. A wave of panic in Pakistan’s real estate sector currently should be addressed appropriately.
Is Bahria Town NOC Cancelled?
Sindh Building Control Authority (SBCA) has cancelled the provisional NOC of Bahria Town for advertising and selling the project. However, Bahria Town Karachi is still an approved project; however, the provisional NOC for advertising & selling has been withdrawn by the authorities.
What is a Provisional NOC? The term ‘provisional’ signifies preliminary approval to commence a project. A Provisional NOC indicates a temporary clearance, subject to potential review in the future.
Why did Bahria Town NOC get cancelled?
According to the FIR lodged by the SBCA, the management of Bahria Town Karachi has been unable to pay dues for procuring a provisional NOC for advertising & selling. The complaint states that Malik Riaz & his son Ali Malik have submitted cheques of Rs. 182 Million which have been bounced, i.e., dishonoured cheques.
Therefore, the provisional NOC was cancelled. The complaint also details that the management didn’t respond to the show-cause notices issued after the cheques bounced.
What is the future of Bahria Town Karachi?
This current issue with ‘dishonoured cheques’ will be solved imminently. The real reason why cheques bounced has not been appropriately communicated as well. The State Bank of Pakistan has repeatedly notified that the banks don’t record authentic reasons behind dishonored cheques.
The severity of the current issue is not quite serious since the management of Bahria Town Karachi is willing to fulfil every legal requirement. Malik Riaz has addressed this issue himself and assured the investors & buyers that the matter will be solved imminently. Bahria Town NOC status will be restored once again.
Is it safe to invest in Bahria Town Karachi?
Yes, it is safe to invest in Bahria Town currently. Bad reporting and misleading news headlines should not be the reason behind not investing in this valuable project. There are not as many projects in Karachi of this level. Hence, it is an ideal investment option.
The location & amenities being offered by Bahria Town Karachi are unmatched in the whole region. Moreover, the excellent track record of Malik Riaz assures the buyers that their money is safe in this housing scheme. The management of this project is adamant about making it successful & authentic. Contact Makaan Solutions for additional information about the availability & prices of the residential and commercial plots.
Is Bahria Town Karachi going to default in 2023?
The mass media scares people by overusing the word ‘default’ in their headlines. There is no indication of Malik Riaz or Bahria Town Karachi going default in 2023 or the coming years. The legacy of Malik Riaz is unmatched in Pakistan’s real estate sector. A single ‘provisional NOC withdrawal’ is not enough for the default of such a major real estate development company.
Conclusion
This comprehensive analysis regarding Bahria Town Karachi NOC cancellation helps us understand the matter in detail. There is no need to panic if you own a property in Bahria Town or are in the process of owning one. The provisional NOCs get reviewed multiple times often. This current issue is solvable easily. Hence, the investors are advised to stay positive.
In addition, keep on investing in the projects you believe in, and don’t give in to the hype created by the media outlets. Meanwhile, you can explore the new project Bahria Town Peshawar. It is a new project that has great potential. Time is crucial, so invest timely, wisely & decisively.
