ISLAMBAD: After the developer deposited Rs1.7 billion with the Capital Development Authority (CDA) for the first instalment of Rs17.5 billion, the BNP Community scheme, One Constitution Road, was de-sealed.
Dharti News has heard that the building management directorate of the CDA de-sealed the building on Wednesday.
“On Wednesday, a letter issued by CDA’s Estate Management Wing official stated: “Referring to orders issued by the Supreme Court and the guidance of the Public Accounts Committee (PAC) during the meeting held on Nov 18, I am directed to inform M/S BNP that performance bank guarantee amounting to Rs 1,689,314,167 has been submitted by M/S BNP on account of the 1st instalment.
It was addressed to the Naveed Illahi Member Properties.
Speaking to Dharti News, the Member Estate also reported that it had received the first instalment in compliance with the instructions of the Supreme Court and PAC.
As per SC, PAC orders, developer deposits Rs1.7bn with CDA on account of first installment of Rs17.5bn
Meanwhile, the house was de-sealed by the building safety directorate. “Since, in accordance with the Supreme Court and PAC Directive, the developer paid the first instalment, we have de-sealed the building today,” said a CDA officer.
In 2016, the building was sealed by CDA and the leasing of the plot was also revoked, as the plot was supposed to build a hotel, but eventually the developer designed and sold residential apartments.
The Islamabad High Court (IHC) upheld the CDA ruling, however in January last year, the Supreme Court reinstated the lease and asked the BNP Company to pay Rs17.5 billion to the CDA in eight years.
According to last year’s decision by the Supreme Court, the developer was expected to reimburse the CDA Rs17.5 billion in six instalments. Nevertheless, in the supreme court, both the developer and the CDA lodged appeal petitions against the decision.
Later, to fix the issue, the PAC directed the CDA and the developer. Under the PAC Directive, the CDA wrote to the developer to send the first instalment of a sum of Rs17.5 billion in order to rebuild the plot and de-seal the building for leasing. He applied the first instalment and on Wednesday he had the building restored.
He said a lot of economic activities will be generated by this project as well.
The developer said, “This project will be the icon of the capital city,” adding that from Saturday, the construction process at the project site will commence with full power.
“One of the building’s towers has already been designed and the second will be finished by the end of this year. This year, we will complete this project,’ he added, adding that the lease of the plot will be immediately reinstated in compliance with the court orders after de-sealing the project.
Prime Minister Imran Khan, former Chief Justice of Pakistan Nasirul Mulk, President of the Pakistan Cricket Board Ehsan Mani, PML-N leader Khawaja Mohammad Asif, Federal Ombudsperson for the Safety of Women Against Sexual Assault at Workplace Kashmala Tariq, were the purchasers of the apartments in the said building.