ISLAMABAD – Residents of Pakistan’s largest housing society Bahria Town are in panic as property giant Malik Riaz announced that they are verge of closing operations due to unbearable difficulties.
Real estate agents and staffers of housing society are also looking for answers as Malik Riaz warned that all services across Pakistan’s leading housing scheme may shut down.
In a social media post, UAE based property tycoon said they are facing “unbearable legal obligations and pressures” for what could become an unprecedented breakdown in operations across Bahria Town projects in Karachi, Lahore, Islamabad, and beyond.
“We’re being crushed under legal cases. Service disruptions are now inevitable,” Riaz stated, sparking immediate uproar.
Malik Riaz also appeared for dialogue and arbitration as Islamabad High Court is reviewing petitions against the auction of Bahria Town’s assets, which were seized due to an unpaid £190 million settlement.
He further urged authorities to allow peaceful resolution and pledged to comply with any arbitration outcome, including financial penalties. He also revealed that Bahria Town’s operations are near collapse due to cash flow issues, inability to pay staff, and halted services. The crisis, he warned, is worsening rapidly.
The announcement unleashed a wave of fear among millions of residents and investors. Residents fear they may lose access to critical services. Property dealers report dip in new bookings. Construction handovers are expected to affect, with ongoing projects thrown into uncertainty.
Those familiar with the situation called it alarming for the real estate sector as Bahria Town remains backbone of Pakistan’s private housing industry. If it falls, confidence in the entire market could collapse,” warned a top property market analyst.
Investor groups are urging caution amid rising speculation and fear of a market crash. Calls to avoid panic selling have so far done little to calm nerves, as online property forums light up with confusion and disbelief.
Amid a difficult situation, Bahria Town residents are urged to follow information coming from Bahria Town official channels.
Avoid acting on hearsay or panic-inducing rumors, and seek professional guidance before making any financial moves.
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