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But I want to give one benefit of doubt to Malik Riaz; after all this success and becoming a billionaire, he could have easily ventured out somewhere else in a much safer way, but he kept investing in Pakistan. There might be hundreds of allegations but at the same time, BT has been the prime reason for sustaining real estate in Pakistan and giving employment to thousands of people in these difficult times.
We all accept the fact that he has substantially changed the way of urban living and has ensured value for money until now.
I mean look at these politicians and corrupt mafia, they r far richer than him and have got all their assets outside Pakistan, at least he kept his stake in Pakistan.
I do hope this does shake his empire and make him see some sense. I like Bahria and agree that they have done a good job, but they need to continue to improve. Despite having a good concept Bahria is disliked by a lot of people, who feel they have been cheated by it.
I think Malik Riaz can invest abroad and probably does invest abroad but nowhere in the world are you going to get the return that you do or did in Pakistan.
Lets say for example that he purchased 1 acre in the middle of nowhere for 1 lac. Then makes 16 plots of it at 5lac each plot. He has got 80 lacs for that land for which he paid 1 lac, which is 8000% increase on his investment. Then he charges people development charges of another 5lacs per plot, and makes more money out of it.
Then he invest that money elsewhere and makes more money out of it. Even if you put that 5lacs that you gave him in a bank account for a few years it will double to 10 lac. Then he keeps the price from rising by issuing more files. As the price remains low after several years and before development starts he buys back the same files that he sold for 5lacs for 4 lac, and cancels them (he is still 6 lac better off per file). Then he does not deliver the plots on time and later demands extra development charges citing rising costs (instead of giving compensation). In the meanwhile he is making money out of sales and transfers fees. When people build houses he gets makes money from design approval fees. Then he keeps launching new projects all the time, which means that he has taken all his money out and more, but is using other peoples money to run his business. He does not take any risk but the file owners take all the risk. He has got his money outside Pakistan and is benefiting from depreciation of the rupee.
Out of Pakistan he has not done too badly. Bahria is great concept but his insatiable greed is killing it. By the end of the process he has probably multiplied his money by 100 times in several years.
How can you say he has kept all his stake in Pakistan. Land bought for pennies and sold of millions and who knows asap the cash is received from the customers if stays in Pakistan or the amounts are transferred abroad.
My only worry is if Bahria is wrapped up or he abandons Pakistan then those who have vested their money in future projects will suffer big time.
Apart from BT 1-6, I guess all other projects are incomplete so for the sake of those investors/buyers, I wish things r sorted and of course due penalties be enforced for all the illegitimate stuff to set the path right for future.
This is Sad! and really bad... people of Pakistan esp. overseas Pakistanis finally has a option to safely invest their money in housing in Pakistan because of BT as they were already hopeless because of Govt. scheme like CDA, DHA etc who were going bankrupt and not giving required quality and timely delivery... but now even the best privates like BT are becoming hopeless.
Malik Riaz is a man who brought revolutionary changes in Pakistan. Under the worst conditions he gave an affordable high standard living to people of Pakistan. Though he earned lot of money and has hired many generals of Army but it was his pragmatism that he opened ever locked doors of guarded by highly current bureaucracy either by breaking it or by using proper key.
The top heavy bureaucracy of this poor country will never let any businessman to stand against them. we are just maligning politicians but no one is blaming bureaucrats who always drew benefits.
Bahria Town is not a stock market. it is real estate. All those thinking that BT will fall are wrong. I am fan of Malik Riaz and will remain so. he is a self made man, who created opportunities for many people. what opportunity CJ or his Son has created so far. In 60 years we have always suppressed businessman community.
Moreover, our media anchors are the most irresponsible dirt of this country. 70% of the problems are because of these immature idiots. Within few years they have become from nothing to every thing. Are they running industry? or they businessman? In fact they are enemies of the state. They can sell their loyalty for vested interests.
These stupid Media anchor think that they can embarrass Malik sb, they are wrong. Malik sb has the capability to use these culprits like tissue paper and pay their price.
We need to be careful. we should support business man community, if we want to be a progressive nation. To day if our country is surviving, it is because of businessmen and not because of CJ, bureaucrats and politicians. I salute to Riaz Malik Sab with depth of my heart. I wish we could have more Malik Riaz in this country.
True bureaucracy is a big problem in Pakistan, however if Malik Riaz has some much influence among politicians, bureaucrats and military, then he can go straight and do things legally instead of illegally. The reason he uses to do things illegally is because there is more money to be made by doing things illegally.
It is just because of his greed. He is using peoples money to buy influence and to increase his power base rather than to develop plots of these people who have trusted him with their money. Why does he want to buy influence?
So that he can do illegal things without anyone taking action against him, like developing plots in the middle of nowhere and getting gas and electricity for it, building without getting NOC, failing to deliver plots, taking over government land for free, forcing people to sell land, having people killed, being able to use state machinery, being free to use file owners money as he pleases without any checks... this is just an example of the illegal things he does just for greed.