ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) approved the open auction budding of 27 unproductive land assets owned by the federal government on Tuesday.
The reference price of the 27 land assets is estimated to be over Rs6.5 billion, according to Secretary Privatisation Commission Rizwan Malik. He further told Dawn that the bidding process would start in March and is expected to be completed by April.
The board of the Privatisation Commission has already designed the transaction structure of the sale of the unproductive land assets which was approved by the cabinet committee meeting, chaired by Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh, according to an official press release.
There had been 32 unproductive lands owned by federal government entities, of which five were deleted from the list. Out of these, two land assets in Karachi and one in Lahore, valued at more than Rs5 billion, will now be utilised under the Naya Pakistan housing scheme as decided by the government.