ISLAMBAD: The BNP Group project, One Constitution Avenue, has been de-sealed after the developer deposited Rs1.7 billion with the Capital Development Authority (CDA) on account of first installment of Rs17.5 billion.

The CDA’s building control directorate de-sealed the building on Wednesday, Dawn has learnt.

A letter issued by an official of Estate Management Wing of CDA on Wednesday stated: “With reference to orders of the Supreme Court and direction of the Public Accounts Committee (PAC) issued during the meeting held on Nov 18, I am directed to inform that M/S BNP has submitted Performance Bank Guarantee amounting to Rs1,689,314,167 on account of 1st installment.”

It was addressed to Member Estate Naveed Illahi.

Speaking to Dawn, Member Estate also confirmed that first installment in accordance with Supreme Court and PAC directives had been received.

As per SC, PAC orders, developer deposits Rs1.7bn with CDA on account of first installment of Rs17.5bn

Meanwhile, building control directorate de-sealed the building. “Since, the developer paid the first installment in accordance with the Supreme Court and PAC directive, we have de-sealed the building today,” said an officer of the CDA.

The building was sealed in 2016 by CDA and lease of the plot was also cancelled, as the plot was meant for construction of a hotel but developer had built and sold residential apartments instead.

The Islamabad High Court (IHC) upheld the CDA decision but the Supreme Court restored the lease in January last year and directed the BNP Group to pay the CDA Rs17.5 billion in eight years.

According to the Supreme Court’s last year ruling, the developer was supposed to pay Rs17.5 billion in six installments to the CDA. However, both the developer and the CDA filed review petitions in the apex court against the ruling.

Later, the PAC directed the CDA and the developer to resolve the issue. Following the PAC directive, the CDA wrote to developer to submit first installment out of total Rs17.5 billion to get lease of the plot restored and the building de-sealed. He submitted the first installment and got the building restored on Wednesday.

The developer of the project Hafeez Pasha told Dawn that building has been de-sealed and the project was going to revive the confidence and interest of the investors in Pakistan.

He said this project would also create a lot of economic activities.

“This project is going to be the icon of the capital city,” the developer said and added that from Saturday, the construction activity at the project site would be started with full force.

“One tower of the building has already been constructed and second one will be completed by the end of this year. We will complete this project this year,” he said and added that after de-sealing of the project, the lease of the plot automatically stand restored in accordance with the court orders.

The buyers of the apartments in the said building included Prime Minister Imran Khan, former Chief Justice of Pakistan Nasirul Mulk, Pakistan Cricket Board Chairman Ehsan Mani, PML-N leader Khawaja Mohammad Asif, Federal Ombudsperson for the Protection of Women Against Sexual Harassment at Workplace Kashmala Tariq.

Published in Dawn, January 7th, 2021