Losses worth Rs1.72b detected in Thalian Housing Scheme

The information was disclosed in an audit report of the foundation

ISLAMABAD: The Federal Government Employees Housing Foundation has been found to have overpaid for land it procured for the Thalian housing scheme, causing a loss of over Rs1.72 billion to the land allottees.

This has been disclosed in an audit report of the foundation.

According to the audit documents, the Federal Government Employees Housing Foundation (FGEHF), a subordinate department of the Federal Housing and Works Ministry, had in 2016 decided to build the Thalian Joint Venture Housing Scheme with a private developer on public-private partnership near the Thalian M-2 interchange.

An agreement in this regard was signed between the FGEHF and the private builder had been signed on September 23, 2016.



The Memorandum of Understanding (MoU) though, was signed even though the documents did not include an offer letter from the developer stating the rate of the land designated for the housing society.

When a land evaluator, approved by the State Bank of Pakistan, evaluated the housing scheme.

Published in The Express Tribune, December 20^th, 2018.