‘Skyscrapers on CDGK land can earn money’
The city government can generate more income by building skyscrapers on its land, especially the coastal belt.
KARACHI:
The city government can generate more income by building skyscrapers on its land, especially the coastal belt, through public-private ownership.
This and other ideas were discussed at a meeting on Tuesday with Karachi DCO Muhammad Hussain Syed who was trying to find ways to fund development. The city owns land in prime locations, including Clifton, Saddar, Soldier Bazaar, Sharifabad, Guru Mandir, I I Chundrigar Road and Nishtar Road.
The participants discussed that people from the local industry are making world-class buildings in the UAE, Saudi Arabia and South Africa. If these companies were given a chance, they could prove themselves in Pakistan also.
They discussed that the land that CDGK rented out for petrol pumps is generating revenue worth Rs15,000 to Rs55,000 per station a month. There are around 20 such petrol pumps across Karachi that give rent way below the market rate. If they are monitored, the CDGK’s income can increase.
Published in The Express Tribune, March 3rd, 2011.
The city government can generate more income by building skyscrapers on its land, especially the coastal belt, through public-private ownership.
This and other ideas were discussed at a meeting on Tuesday with Karachi DCO Muhammad Hussain Syed who was trying to find ways to fund development. The city owns land in prime locations, including Clifton, Saddar, Soldier Bazaar, Sharifabad, Guru Mandir, I I Chundrigar Road and Nishtar Road.
The participants discussed that people from the local industry are making world-class buildings in the UAE, Saudi Arabia and South Africa. If these companies were given a chance, they could prove themselves in Pakistan also.
They discussed that the land that CDGK rented out for petrol pumps is generating revenue worth Rs15,000 to Rs55,000 per station a month. There are around 20 such petrol pumps across Karachi that give rent way below the market rate. If they are monitored, the CDGK’s income can increase.
Published in The Express Tribune, March 3rd, 2011.