ISLAMABAD – A billion-rupee property trail is heading toward auction block as NAB is set to auction The Aquatic Mall in Islamabad and three properties in Bahria Town Rawalpindi, with a combined reserve value of around Rs5.63 billion, as part of recovery proceedings linked to the Al-Bari Group investigation.
The auction covers four properties identified by the National Accountability Bureau in its investigation titled “Investigation Against Management of Al-Bari Group of Companies & Others.” Three of the properties are located in Bahria Spring, Phase VII, Bahria Town, Rawalpindi, while the fourth and most valuable asset is The Aquatic Mall in Mouza Humak, Zone V, Islamabad.
Bahria Town Plots Worth More Than Rs1.16bn
The three properties inside Bahria Town carry a combined reserve value of more than Rs1.16 billion.
Plot No. 1, registered as BGH-514, measuring 6.61 kanal, has a reserve price of approximately Rs352.98 million.
Plot No. 7, registered as BGH-520, measuring 8.01 kanal, carries a reserve price of approximately Rs378.50 million.
Plot No. 8, registered as BGH-521, measuring 9.07 kanal, has been placed at a reserve price of approximately Rs429.89 million.
Together, the three Bahria Spring properties represent a substantial portion of the total auction portfolio.
Rs4.46bn Aquatic Mall Dominates Auction
The biggest property in the sale is The Aquatic Mall, located at Mouza Humak in Islamabad’s Zone V. Spread over approximately 32 kanal and 3 marla, the mall has a reserve price of Rs4.464 billion, making it the centrepiece of the auction.
The required security deposit for the property is approximately Rs223.25 million. The other three properties require security deposits ranging from roughly Rs17.65 million to Rs21.50 million.
The auction comes as NAB continues recovery proceedings involving major property-related cases.
In Al-Bari matter, Syed Asim and Syed Hashim have been named, facing allegations concerning property investment schemes that reportedly attracted billions of rupees from investors, particularly in and around Bahria Town Rawalpindi. The allegations under investigation involve claims that investors were promised returns on property investments but subsequently faced difficulties in recovering their funds.
The current auction is aimed at the recovery of assets identified in the Al-Bari investigation. The presence of the three properties inside Bahria Town does not by itself establish that Bahria Town or its management owns those assets or is a party to the Al-Bari case.
NAB ordered that bidding begin from the prescribed reserve prices, with offers below those amounts not being entertained. Potential bidders must submit their security deposits through a Pay Order or Demand Draft in favour of the Chairman, NAB.
Unsuccessful bidders are to receive their deposits back on the day of the auction. Successful bidders will then have 45 days to pay the remaining purchase price. Failure to meet the payment deadline can result in forfeiture of the security deposit.
Buyers will also have to shoulder applicable taxes and transaction-related costs, including withholding tax under Section 236A, transfer fees, duties, utility dues and other government charges.
The inclusion of three large plots in Bahria Spring, Phase VII, Bahria Town Rawalpindi, gives the auction an additional real-estate dimension. With a combined area of more than 23 kanal, the three plots alone carry a reserve value exceeding Rs1.16 billion. But the largest financial stake remains outside Bahria Town: The Aquatic Mall’s Rs4.46 billion reserve price accounts for the overwhelming majority of the four-property portfolio.
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