Pakistan Railways finalizes the policy to lease 4685 acres of land for commercial use.
Multan: The Pakistan Railways recently formulated a policy to lease 4685 acres of land (excluding the land being used for operational purposes) for commercial use, according to news sources.
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As per this drafted policy, the 4658 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.
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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.