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THE MILLENNIUM GROUP OF COMPANIES

THE MILLENNIUM GROUP OF COMPANIES

One Constitution Avenue is now under CDA’s control

One Constitution Avenue is a commercial building located in Islamabad, the capital city of Pakistan. It is owned by the National Police Foundation (NPF), which is a government-owned organization that provides housing and other services to the police force in Pakistan.

On Wednesday, the Capital Development Authority (CDA), which is responsible for the development and maintenance of Islamabad, took control of One Constitution Avenue’s management. The CDA claimed that the lease was terminated for nonpayment in accordance with the mandates of the Supreme Court. The lease was terminated in 2015, but the developer was given a chance to make up any unpaid rent by refinancing the property.

‘One Constitution Avenue’, is now under CDA’s control!

Moreover, the Supreme Court stated that One Constitution Avenue was responsible for Rs 17.50 billion in debt. For 2021, a yearly installment of Rs 2.916 billion was paid. Unfortunately, the CDA had not yet received the 2022 installment payment of Rs 2.916 billion.

CDA sent several notifications and reminders to One Constituency to submit their bank guarantee per the directives of the Supreme Court of Pakistan and the Public Accounts Committee, but no payment was made. 

As a result, CDA had to seal the building as One Constitution Avenue had failed to comply with the terms and conditions of the lease, CDA issued a final notice on February 7, 2023, terminating the land lease.

The property is now under CDA’s control. 

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Ammara Yasmin
Ammara Yasmin

Ammara Yasmin, a content writer and a bibliophile with over 3 years of experience. I work closely with a real estate firm as well as run my blog where I write reviews on books. My greatest joy comes from being able to put my thoughts on paper, and I particularly enjoy writing about political and social issues.

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