The Pakistan Steel Mill’s (PSM) board of directors has given the go ahead for handing over 1,500 acres of its land for development of an industrial zone under the China-Pakistan Economic Corridor (CPEC). Another 930 acres of land has also been allotted for the construction of the National Industrial Park (NIP) at a book value of Rs 13m per acre and this represents a significant reduction from the market rates of Rs20m per acre on offer currently. And a committee has been commissioned to discuss this issue with the NIP management.
In a board meeting of PSM conducted by Abdul Jabbar Memon in Islamabad, it was brought forth that 1,500 acres of land being allotted under CPEC will require A-category assessors who would be responsible for ascertaining a fresh book value of the land in 2017. The PM Nawaz Sharif had already approved of handing over PSM land for the usage of NIP. Previously, the Cabinet Committee on Privatization had urged the problems linked to the land be resolved and settled at current market prices.
According to sources in the Ministry of Industries and Production, over 750 acres of land had been illegally handed over to private parties that had immense backing and influence. Out of a total of PSM’s 19,013 acres of land, roughly 1950 acres is illegally occupied or has been extended forth on leases to several departments.
