Social media rumors had recently claimed that real estate tycoon, Malik Riaz, was about to file for bankruptcy.
The cause behind the bankruptcy rumors was the Rs. 460 billion fine imposed by the Supreme Court on Malik Riaz’s Bahria Town in 2019.
Credible sources believe that @MalikRiaz_ is preparing to declare bankruptcy in Pakistan as the value of @BahriaTownOffic Pakistan is less than the 460 billion rupee fine imposed by the Supreme Court.
Property prices in all Bahria Towns are expected to fall massively. pic.twitter.com/td9XqKsVQh
— Hamza Azhar Salam (@HamzaAzhrSalam) November 10, 2023
The rumors also claimed that property prices in all Bahria Towns across the country will plummet after the reported filing of bankruptcy.
However, Bahria Town has officially come forward, pacifying the nerves of concerned Bahria Town residents.
Taking to X, Bahria Town rejected the rumors and termed it as ‘malicious propaganda.’
“Bahria Town is one of the most prestigious Real Estate brands in Asia, firmly rooted in its commitment to contribute to the progress and economic development of Pakistan,” Bahria Town stated.
— Bahria Town Official (@BahriaTownOffic) November 12, 2023
The statement added, “Despite facing malicious campaign and unwarranted criticism from a misguided faction of the media, we persist in our dedication to serving the nation and delivering world-class projects.”
“Through past challenges, we have weathered adversity, and our resolve to uplift Pakistan remains unwavering. Insha’Allah, this commitment will endure,” the statement concluded.