Islamabad, (Parliament Times) : Moreno Holding Pvt. Limited (MHPL), an emerging player in the real estate development sector, launched with much fanfare just a year ago, with ambitious plans to redefine the housing landscape near Islamabad’s International Airport. However, recent developments have left both investors and employees disillusioned and frustrated.
MHPL unveiled an ambitious trio of projects – Moreno Enclave, Moreno Sports City, and Moreno Logistics City – each touted to offer a unique lifestyle within thriving communities situated conveniently close to the International Airport Islamabad. The promise was compelling, but the reality has been quite different.
One of the major concerns raised by investors revolves around a “buy-back scheme” that MHPL initiated during its launch. Under this scheme, the company initially sold plot files to investors with a commitment that it would secure the necessary No Objection Certificate (NOC) from the Capital Development Authority (CDA) by January 2023, allowing the investors to claim their plots or receive refunds. Unfortunately, three quarter of the year has passed since that deadline, and investors are still waiting for their money.
What adds to the frustration is that MHPL reportedly obtained signatures from investors on documents indicating that they would not claim their plots in the future in exchange for receiving their investments back. However, despite these assurances, investors allege that the company has failed to fulfill its financial obligations.
The management of MHPL, led by CEO Malik Nusrat, has faced criticism for repeated broken promises. Reports suggest that the company has even struggled to pay its employees’ salaries on several occasions, further raising concerns about its financial stability.
One group that has suffered extensively in this ordeal is the investors who participated in the buy-back scheme. Delays in refunding their investments have stretched for six months, and the depreciation of the Pakistani rupee during this time has further eroded the value of their investments.
In response to these mounting grievances, a coalition of investors, along with disgruntled employees, is demanding a transparent inquiry into MHPL’s operations and financial practices. They seek not only the return of their investments but also damages incurred due to the delays and currency devaluation.
As this situation unfolds, it underscores the importance of transparency and accountability within the real estate development sector. The affected parties hope that regulatory authorities will intervene and investigate MHPL’s actions to bring about a resolution to this ongoing crisis. Meanwhile, the investors and employees affected remain hopeful that justice will prevail, and their financial interests will be safeguarded.
