ISLAMABAD – The Islamabad High Court (IHC) has ruled that private buyers of apartments in the disputed One Constitution Avenue project (formerly Grand Hyatt) have no ownership rights, dealing a final blow to allottees hoping to salvage their investments .
Justice Mohsin Akhtar Kayani of the IHC issued the detailed judgment on May 2 following the court’s earlier decision upholding the Capital Development Authority’s (CDA) lease cancellation against BNP (Pvt) Ltd .
“The purchasers cannot claim any better right than what the lessee (BNP) had. Since BNP’s lease was validly terminated, all subsequent sub-leases stand void,” the judgment stated . The court rejected claims challenging the cancellation, ruling that the lease was terminated under contractual terms rather than through land acquisition laws, meaning no constitutional right vesting compensation applies .
The court noted that BNP defaulted on Rs17.5 billion in payments required to regularize the lease, with the company itself admitting it was “impossible” to continue payments . “It is the buyer’s responsibility to verify legal standing before investing. Ignorance of the law is no excuse,” the judgment added .
This ruling means that none of the 263 apartment buyers can claim ownership rights. The only potential recourse is a claim for refund against the defaulter company—which is unlikely given BNP’s financial insolvency .
The CDA has already issued seven-day eviction notices to occupants and stated that affected individuals may be compensated based on the original purchase price as a goodwill measure, though this is not a legal entitlement .
The IHC has instructed the Deputy Commissioner Islamabad to take over possession and hand it to the CDA within 15 days, finalizing a dispute that has dragged on for nearly two decades .
Traders call for tax cuts, super tax abolition in budget proposalsrewrite news upto 300 words, also make short title, descrption , keyphrase ,excerpt, tages
Here is the rewritten news article (under 300 words) with a short title, description, keyphrase, excerpt, and tags as requested.
Short Title
Traders Demand Tax Cuts and Super Tax Abolition in Budget Proposals
Description
Trade bodies representing markets across Pakistan have submitted budget proposals for FY2026-27, demanding significant tax cuts and the immediate abolition of the super tax. The proposals also seek a reduction in the advance-to-income tax ratio and a uniform 5% sales tax on all goods.
Keyphrase
Traders budget proposals tax cuts super tax abolition Pakistan 2026
Excerpt
Markets and trade bodies across Pakistan have submitted a charter of demands for the upcoming federal budget, calling for the immediate abolition of the super tax and a significant reduction in income tax rates. The budget proposals for FY2026-27 were submitted to the government with a request to incorporate them into the national financial plan.
Tags
PakistanBudget #TaxReform #Traders #SuperTax #FBR #IncomeTax #SalesTax #TajirDoostScheme #ShehbazSharif #Economy
News Article (under 300 words)
ISLAMABAD – Trade bodies representing markets across the country have submitted a unified charter of demands for the upcoming federal budget 2026-27, calling for significant tax cuts and the immediate abolition of the super tax .
In a formal meeting with Prime Minister Shehbaz Sharif on May 3, traders including representatives from the Anjuman-e-Tajiran and the Markets Association of Islamabad presented their budget proposals. The prime minister assured them that their concerns would be examined and addressed in the upcoming budget .
The key demands presented by the traders include:
- Abolition of the super tax immediately
- Reduction in income tax rates across all brackets
- Reduction in the advance-to-income tax ratio from the current 100% to a maximum of 25%
- Uniform sales tax rate of 5% on all goods
- Broadening of the Tajir Doost Scheme (Shopkeeper Registration Scheme) to bring more retailers into the tax net
- Digitization of the Federal Board of Revenue (FBR)
The prime minister acknowledged the traders’ role as major stakeholders in the national economy, emphasizing that the government would prioritize the formalization of the economy and documentation of retailers .
While traders welcomed the government’s proposed reduction of 5% to 7% in income tax for small businesses in the upcoming budget, they stressed that more substantial relief is needed to combat inflation and revive business activity .
The budget proposals come as the government works to meet IMF revenue targets while also addressing domestic economic pressures . Finance Minister Muhammad Aurangzeb is expected to present the budget in early June 2026 .
