Railways Earned Rs 12,770.02 Mln From Land Leasing In 10 Years
Umer Jamshaid Published November 10, 2018 | 09:06 PM
The Ministry of Railways has earned revenue of Rs 12,770.02 million by leasing its assets across the country land for various purposes during the last 10 years.
About 15,025.44 acre land was leased to the government departments for 21 to 33 years as per the policy to generate extra revenue, a Ministry of Railways official told APP.
Giving province-wise details, he said 656.98 acres of land was leased in Khyber Pakhtunkhwa, 12,667.30 acres in Punjab, 1,560.13 acres in Sindh, 137.25 acres in Balochistan and 3.79 acres in Pakistan Railways network.
He said the assessment of commercial value of the sites was conducted through the accredited evaluators of Pakistan Banking Association / State Bank of Pakistan for fixing a benchmark and then advertisement were given in leading newspapers for leasing.
For agricultural purposes, he said land was auctioned through a competitive bidding by fixing 'ousat bay' rate as reserve price for a three-year lease term for cultivable land and extendable for another three years for barren land.
He said premium shops were leased also through competitive bidding by fixing the reserve price of premium and monthly rent on the basis of market rate of the locality for a lease term of ten years.
The official said the land for stacking purposes was leased for a year and extendable for another year. Nursery purposes, he said, the land was leased through bidding for a term of three years, which was extendable for another two years.
He said for parking stands, the land was leased on yearly basis for already developed stands. For new parking sites, the lease term was three years, extendable for another two years.
The official said the Pakistan Railways had earned Rs 16,36.71 million from Khyber Pakhtunkhwa, Rs 7,299.39 million from Punjab, Rs 2,834.19 million from Sindh, Rs 486.29 million from Balochistan and Rs 513.44 million from railway network.
Related Topics
Recent Stories
Delegation of international investors meets Finance Minister
Federal Govt stands with Balochistan for its development: Naqvi
UAE President receives condolences of Prime Minister of Pakistan over passing of ..
ECC approves to enhance wheat procurement targets
UN urges Israel to 'stop escalation' as tanks enter Gaza's Rafah city
EU stumps up $125 mn for Yemen after aid groups' plea
Governor Tessori condemns May 9 riots, calls it a 'pre-planned conspiracy'
PM condoles with UAE President over Sheikh Tahnoun’s death
Milan nets Giro 4th stage, Pogacar retains lead
UBS back in profit after Credit Suisse takeover losses
Asiya Gul lauds Shafaat's services as DG LG
President for dialogue with all political forces in Balochistan
More Stories From Pakistan
-
Mohsin Naqvi pays surprise visit to NADRA center
1 hour ago -
May 9 vandalism against state of Pakistan: Muqam
3 hours ago -
Federal Govt stands with Balochistan for its development: Naqvi
3 hours ago -
Governor Tessori condemns May 9 riots, calls it a 'pre-planned conspiracy'
3 hours ago -
PM condoles with UAE President over Sheikh Tahnoun’s death
3 hours ago -
Asiya Gul lauds Shafaat's services as DG LG
3 hours ago
-
President for dialogue with all political forces in Balochistan
4 hours ago -
Supreme Court adjourns IHC judges letter case
4 hours ago -
RDMC, Hunar Foundation Vocational Training Center inaugurated in Nokkundi
4 hours ago -
Man critically injured as vehicle catches fire amid CNG filling
4 hours ago -
Provincial health ministers chair meeting of Punjab Blood Transfusion Authority
4 hours ago -
Sheikh Jafar Khan Mandukhel assumes charge as Governor Balochistan
4 hours ago