RMC rents out Municipal Complex for Rs2.5m a month
Corporation has piled up debt in excess of Rs110m, including loan procured from Punjab LG Board
PHOTO: FILE
RAWALPINDI:
The cash-strapped Rawalpindi Municipal Corporation (RMC) has rented out its Municipal Complex Building at Rs2.5 million per month.
The establishment had remained vacant for 15 years, while RMC had piled up debt in excess of Rs110 million, including loan procured from Punjab Local Government Board (PLGB) for the construction of the building.
The current office of RMC also has Rs350 million in debts and interest. RMC had procured a loan of Rs75 million from PLGB but unpaid interests on the principal has surged the debt in excess of Rs450 million.
The Municipal Complex Building is now being rented to a private hospital on a contractual lease of 15 years. In addition to Rs2.5 million in monthly rent, RMC has also obtained security deposit of Rs2.5 million. The Office of RMC was shifted after construction of the Municipal Complex Building. However, the old building presents sights of ruins due to obsolescence. The new RMC office has been shifted to land adjacent to the old building while the complex building has been vacated.
Surprisingly, however, a building structure for Municipal Assembly next to the present RMC office also seems to see dilapidation even before its completion. The building is being transformed amidst approval of the grants. Meanwhile, the offices of Municipal Jinnah Hall and Rescue 1122 have been kept intact inside the complex.
The ground floor of the complex building was offered for Rs605,000 monthly rent, while first floor was given on Rs480,000, second floor was given on Rs360,000 and the third floor was given on Rs510,000 per month.
The district assessment committee estimated that the open auction of the building contract would incur Rs2.264 million in monthly rent. However, the building was given later in open auction at Rs2.53 million along with Rs2.5 million security deposit to Sultan Mehmood Sati and Akhtar Sati on a 15-year lease.
The open auction process was administered by commercial chief municipal officer Khawja Imran Safdar and municipal building in charge Raja Azad Darin.
The building’s shop number 6 is given on Rs54000, shop number 10 is given on Rs65,000 and flat number 10 has been given on Rs20,000 monthly rent.
Published in The Express Tribune, September 29th, 2019.
The cash-strapped Rawalpindi Municipal Corporation (RMC) has rented out its Municipal Complex Building at Rs2.5 million per month.
The establishment had remained vacant for 15 years, while RMC had piled up debt in excess of Rs110 million, including loan procured from Punjab Local Government Board (PLGB) for the construction of the building.
The current office of RMC also has Rs350 million in debts and interest. RMC had procured a loan of Rs75 million from PLGB but unpaid interests on the principal has surged the debt in excess of Rs450 million.
The Municipal Complex Building is now being rented to a private hospital on a contractual lease of 15 years. In addition to Rs2.5 million in monthly rent, RMC has also obtained security deposit of Rs2.5 million. The Office of RMC was shifted after construction of the Municipal Complex Building. However, the old building presents sights of ruins due to obsolescence. The new RMC office has been shifted to land adjacent to the old building while the complex building has been vacated.
Surprisingly, however, a building structure for Municipal Assembly next to the present RMC office also seems to see dilapidation even before its completion. The building is being transformed amidst approval of the grants. Meanwhile, the offices of Municipal Jinnah Hall and Rescue 1122 have been kept intact inside the complex.
The ground floor of the complex building was offered for Rs605,000 monthly rent, while first floor was given on Rs480,000, second floor was given on Rs360,000 and the third floor was given on Rs510,000 per month.
The district assessment committee estimated that the open auction of the building contract would incur Rs2.264 million in monthly rent. However, the building was given later in open auction at Rs2.53 million along with Rs2.5 million security deposit to Sultan Mehmood Sati and Akhtar Sati on a 15-year lease.
The open auction process was administered by commercial chief municipal officer Khawja Imran Safdar and municipal building in charge Raja Azad Darin.
The building’s shop number 6 is given on Rs54000, shop number 10 is given on Rs65,000 and flat number 10 has been given on Rs20,000 monthly rent.
Published in The Express Tribune, September 29th, 2019.