Overview
- NAB Karachi said it secured back 80 acres at the Gulistan-e-Sarmast housing scheme in Hyderabad, valuing the plot at about Rs 6 billion.
- After NAB took up the case, the Hyderabad Development Authority canceled the allotment and reclaimed possession of the land.
- Authorities also forfeited the partial amount Bahria Town had paid, citing non-compliance with agreed terms.
- NAB said the land was allotted for Rs 383 million, far below market value, and the company defaulted on required payments.
- The allotment required a university that NAB says was never built, and the report did not include any response from Bahria Town.