PKGS’s matter of extension of lease of state land comes up for hearing before Supreme Court

January 10, 2018: The matter of extension of lease of state land to Packages Limited, comprising 231 Kanals and 19 Marlas, came up for hearing before the Supreme Court of Pakistan on Saturday, 5 January 2019. The Company agreed to pay Rs. 500 million as the provisional rent of the land for the last three years.

“The rent for the leased land shall be assessed by assessors from a list to be provided to the Supreme Court and it shall be adjustable against the advance of Rs. 500 million” the notice issued by the company said.

Furthermore, the lease of the land will not be extended in view of the new policy under formulation by the Government of the Punjab that the land will be auctioned, subject to first option of the company to meet the highest bid, the announcement added.

The Board of Revenue Punjab has also been directed to complete the demarcation of the Packages Mall property to ascertain that the construction has been made on its own land.

Copyright Mettis Link News

Posted on: 2019-01-10T15:48:00+05:00

25291