Bahria Town
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| Bahria Town (Pvt.) Ltd. | |
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| "Lifestyle Destination " | |
| Ownership | Private |
| Type of Institution | Real Estate Sector |
| Established | 1996 |
| Chairman | Malik Riaz Hussain |
| Headquarters | Rawalpindi  Pakistan |
| Total Employees | 20,000 |
| Homepage | http://www.bahriatown.com |
Bahria Town is one of the largest real-estate developers in Pakistan. Bahria Town has projects in Lahore, Rawalpindi, and Islamabad and is planning to develop projects in Murree and Karachi.[1]
Malik Riaz Hussain, the force behind Bahria Town, started in the 1980s as a small-time contractor. As competitors targeted the rich, he built for the emerging middle class, becoming one of Pakistan's richest developers[2].
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[edit] Controversies
Critics say Riaz's Bahria Town empire has been fueled by close ties to the military. Ayesha Siddiqa, author of "Military Inc: Inside Pakistan Military Economy,"[3] alleges that those links have allowed him to acquire land, in some cases returning a percentage to senior officers as developed plots.[4]
Malik Riaz CEO Bharia Town, using his influence among the government officials got a contract to develop 2,388 kanals of (RECHS) Revenue Employees Cooperative Housing Society land for handing handing over to allocated owners/members of the society. The plot owners had already made full payments of development charges. There were again charged twice for developments charges from Bharia Town. Malik Riaz later backed out of the development work and sold the land to Defence Housing Authority & Army$ Housing Directorate in violation of the law and contract, leaving the owners of the plots in the lurch. A petition has been filled in the Lahore High Court (LHC) Rawalpindi bench against Malik Riaz (Bharia Town).[5]
According to Pakistani news sources Geo, Bahria Town has been associated with losses to investors resulting from delays to projects[6]. Bahria Town Chief Executive, Malik Riaz, has blamed these losses on government corruption. There have also been accusations that Bahria Town, along with other major developers, were involved in misrepresentation involving the Pakistani armed forces.[7]
[edit] See also
[edit] References
- ^ Malik Riaz, Chief Executive of Bahria Town (April 14, 2005). "Housing boom a solution to Pakistan’s problems". Speech given at the NAB conference in Islamabad (Daily Times). http://www.dailytimes.com.pk/default.asp?page=story_14-4-2005_pg3_4. Retrieved May 24, 2009.
- ^ http://en.wikipedia.org/wiki/List_of_Pakistanis_by_net_worth
- ^ http://www.amazon.com/Military-Inc-Inside-Pakistans-Economy/dp/0745325459
- ^ http://articles.latimes.com/2011/oct/06/world/la-fg-pakistan-gated-communities-20111007
- ^ The Nation
- ^ "Bahria Town Phase-9 Rawalpindi map". Apna Ghar. Overseas Pakistanis Net. 19 June 2008. http://sweethome.overseaspakistanis.net/node/182. Retrieved 2009-05-24.
- ^ Khan, Sher Baz (26 January 2007). "Report sought on builders using armed forces’ name". Dawn the Internet Edition (Dawn Group of Newspapers). http://www.dawn.com/2007/01/26/top11.htm. Retrieved 2009-05-24.
[edit] External links
Coordinates: 33°33′N 73°07′E / 33.55°N 73.117°E
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