Revenue stream: Railways leases land worth Rs6.1b

All lands were leased out through public auction, says railways authorities.

ISLAMABAD:

Pakistan Railways says it has collected Rs6.123 billion through the lease of 10,157,52 acres of land during the last 10 years. The criteria adopted for leasing out land owned by Pakistan Railways included short-term leases of up to 10 years and long-term leases of up to 99 years.

All lands were leased out through public auction and sealed bidding after proper advertisements in newspapers, said Railways authorities. According to Pakistan Railways, the minimum reserve lease values are set keeping in view the price ascertained by valuators accredited by the Pakistan Banking Association and the assessment of the Railways’ division concerned.

The bidding process is held by a three-member committee of railway officers of accounts, property and land, and marketing departments in the presence of all interested parties in a transparent manner, while bid results are presented to the executive committee of the Railway Board for approval.

Published in The Express Tribune, January 17^th, 2013.

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