Bahria Town seeks Supreme Court intervention to halt mega auction

ISLAMABAD: The Supreme Court has been moved as property giant Bahria Town battles a high court ruling ahead of the auction deadline slated for August 7.

The urgent petition has been filed by senior lawyer Farooq H. Naik, as the company led by Malik Riaz challenges the Islamabad High Court’s recent decision allowing NAB to go ahead with the auction.

The move comes amid a dramatic escalation in the company’s legal troubles, stemming from an outstanding £190 million settlement linked to Bahria Town founder Malik Riaz.

National Accountability Bureau (NAB) earlier announced the auction of several high-value properties tied to the billionaire tycoon, sending shockwaves through Pakistan’s real estate market.

In its petition, Bahria Town warned of “catastrophic consequences” if the auction is not immediately suspended. The company claims it is on the brink of collapse, with operations in disarray, staff salaries unpaid, and essential services in its housing communities nearing shutdown.

Malik Riaz, in a public statement, urged authorities to allow arbitration and assured full compliance with any final judgment.

“We are willing to resolve this matter lawfully, but time is running out,” he stated, adding that the company is under “unprecedented financial and operational strain.”

Residents in Bahria Town’s flagship projects across Karachi, Lahore, and Islamabad are increasingly concerned about losing access to basic services, including water, electricity, and waste management.

Property dealers have reported a sharp drop in bookings, while ongoing construction projects have largely stalled.

Analysts are sounding the alarm, warning that the collapse of Bahria Town could send shockwaves across the entire property market.

“The potential downfall of such a major player could trigger a domino effect, shaking investor confidence and impacting thousands of smaller developers and buyers,” said one senior analyst.

Online property forums are rife with speculation, fear, and confusion, while investor groups have urged stakeholders not to panic. However, confidence in the market continues to erode as the auction deadline looms.

Supreme Court is expected to take up case urgently, with its decision potentially determining the future of one of Pakistan’s largest and most influential real estate companies—and the millions of lives connected to it.