ISLAMABAD, Jan 15: Pakistan Railways in the grip of huge financial crisis and facing acute shortage of engines and bogeys leased out its prime lands in commercial areas at throw away prices in the last ten years instead of making it a regular source of income to off set the deficit the losses.
According to the record Pakistan Railways leased out for 99 years a commercial plot of 296 sq yards in Moghalpura area, Lahore for a hospital at a cost of only Rs23,68,000. Nine other plots were given on commercial lease in Badami Bagh, Lahore at less than Rs 80 lac each one time cost through dubious means while the cost of the land in this area is more than double paid to Pakistan Railways. A prime land in Okara measuring 10277 sq yd was given to a private hospital at an annual rent of just Rs 17,000.
What was more startling that a commercial plot of 27625 sq/y was given in Punjab to Army Welfare Trust for CNG Station in Quetta for a lease fee of Rs 2.5 million and annual rent of Rs552 per square yard.
Pakistan Railways Boys Hostel Karachi has been leased out to to a chain of private schools, at a license fee of Rs 2.5 million and annual rent of Rs 1.8 million.
In Quetta three commercial sites at Joint Road , Jinnah Road and a Bungalow at Zarghoon road were leased out to individuals at throw away prices.
Another plot of 7,521 sq. yds was lgiven to Army Welfare Trust for CNG station at the throw away license fee of Rs 2.5 million land lease rent of Rs 52 per square yard annually.
The Railways also leased out sites for Radio repeater stations to different mobile telephone companies at much less the cost than leased by private property owners to other mobile companies in the same localities.
All This has been done under the pretext to earn income for Railways which is suffering a colossal loss and to run the system huge subsidy is being provided by the Federal Government. According to sources the Railways is still under debt of Rs 21 billion. INP
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