Pakistan Railways finalizes policy to lease 4,685 acres of land for commercial use.
Multan: The Pakistan Railways recently formulated a policy to lease 4,685 acres of land (excluding the land being used for operational purposes) for commercial use, according to news sources.
Railways ordered to revive KCR in six months
As per this drafted policy, the 4,658-acre railways land, in association with a private entity, will be leased out for 30 years to various projects. The Pakistan Railways owns 167,690-acres of land across the country, out of which 126,426-acres of land is currently being used by the department, while 13,000 acres of land has been leased out to various other government entities. The Railways has created a policy to use the remaining land for commercial use.
NA panel directs railways ministry to retrieve land in Lahore
The new policy draft suggested that the vacant land should be leased out under public-private partnership for joint ventures with private entities. The railways will provide the land, while the development will be funded by the private firms; with profits being divided among the two parties.