FIA and NAB to Reopen Case Against Islamabad’s Most Luxurious Real Estate Project

In a major development, the Public Accounts Committee (PAC) has ordered the Federal Investigation Agency (FIA) and National Accountability Bureau (NAB) to reopen the case regarding One Constitution Avenue/Grand Hyatt.

The PAC has ordered the sealing of the bank accounts of the defaulting company and has instructed the relevant authorities to block the CNICs of the defaulters and put their names in the Exit Control List (ECL).

Furthermore, the committee has directed the Capital Development Authority (CDA) to take full charge of the building and evict the employees of the defaulting owners. Any illegal construction in the building should also be stopped immediately.

However, the owners of the building will be allowed to stay in the building. The allottees who invested in One Constitution will be refunded.  Last week, the CDA took over the One Constitution Avenue/Grand Hyatt and sealed the marketing offices.

This decision was also made during a PAC meeting after the owners of the project failed to pay over Rs. 14 billion, which led to the cancellation of the land lease.

During the meeting, CDA Member State explained that the lease was initially canceled in 2016 due to non-payment but was later reinstated on the orders of the Supreme Court. However, the lease was once again canceled on Tuesday due to non-payment and an administrator was appointed to the building.

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