ISLAMABAD: The Pakistan Railways has collected Rs. 6.123 billion through leasing 10,157,52 acres land during the last 10 years.
The criteria adopted for leasing out the land of Pakistan Railways included short term lease upto 10 years and long term lease upto 99 years as all the lands were leased out through open public auction and sealed bidding after proper advertisements in newspapers.
According to the Pakistan Railways, minimum reserve lease values are set keeping in view the price ascertained by the Pakistan Banking Association accredited valuators and the assessment of Railways' division concerned.
The reserve price is always invariably based on higher than the minimum values notified by the District Revenue Authorities.
The bidding process is held by a three-member committee of the railway officers of Accounts, Property and Land and Marketing departments in the presence of all interested parties in a transparent manner while bid results are presented to the Executive Committee of Railway Board for approval.
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