The Privatization Committee was set up to complete the privatization of state-owned real estate through a land auction covering over 41 Kanals in Lahore; According to sources, it will take place today.
Currently, the specified site is owned by Republic Motors – a “100% subsidiary” of the PIDC (Pakistan Industrial Development Corporation).
It is located on the very prestigious Mall road. The auction price was set at over 5 billion Pakistani rupees; However, the Privatization Commission expects a higher price based on the prominent location of the land.
The government reportedly identified 26 properties for auction, and over 23 unutilized properties were sold, resulting in an accumulation of PKR 1 billion. The privatization of the two remaining properties has been postponed due to “unfavourable market conditions” and are expected to be sold at a later stage.
Besides, it was reported that the commission would submit a detailed report on the auction to the privatization committee of the Cabinet of Ministers for approval, and then submit it for approval to the Federal Cabinet of Ministers. The proceeds from the auctions will be divided between poverty alleviation and debt repayment based on 10-90%.