Categories: Technology

CCoP approves auction of 27 federal govt’s land assets

ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) granted approval for the auction of 27 land assets owned by the federal government in a meeting presided by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh.

invest with imarat

Islamabad’s emerging city centre

Learn More

The announcement was made via a press release issued by the Minister of Finance.
The bidding process is scheduled to start in March and is expected to be completed by April, the statement further read.

The matter was earlier taken up with the Transaction Committee, Inter-Ministerial Committee and Privatisation Commission board for approval and discussion on various recommendations regarding the open auction bidding procedure.

According to Secretary Privatisation Commission Rizwan Malik, the reference price of the 27 land assets is estimated to total over Rs6.5 billion. The sum will be distributed amongst different federal government divisions and entities.
The board meeting for the Privatisation Commission undertook the arrangement of the transaction structure, which was further approved by the cabinet committee meeting.

Initially, 32 land sites owned by federal government entities were identified, out of which 5 were removed. The government decided to utilise two land assets in Karachi and one in Lahore worth over Rs5 billion for the Naya Pakistan Housing Scheme.

For news and blogs, visit Graana.com.

Maham Tahir

Recent Posts

A Guide to Quetta Town in Karachi

Quetta Town is a residential neighbourhood located in the vibrant city of Karachi, Pakistan. Known…

12 hours ago

Akbar Chowk Lahore: A Focal Point of Connectivity

Akbar Chowk in Lahore stands as one of the city’s most critical intersections, serving as…

1 day ago

A Guide to Khuda Baksh Colony Lahore

Khuda Baksh Colony, located near Bhatta Chowk in Lahore, is a rapidly developing residential area…

2 days ago

Gol Market Karachi: A Vibrant Commercial Hub

Gol Market in Karachi is one of the city's most iconic and bustling commercial centres.…

2 weeks ago

Model Town Gujranwala: A Well Planned Residential Area

Model Town, located in the heart of Gujranwala, is one of the city’s most prestigious…

2 weeks ago

Senate Greenlights Special Courts for Swift Resolution of Overseas Pakistanis’ Property Cases

ISLAMABAD, Pakistan— In a major move to address the longstanding grievances of overseas Pakistanis, the…

2 weeks ago