A meeting was conducted in this respect under the chairmanship of Noor Alam Khan, during which it was revealed that KPT has leased masses of lands to different institutions for unprecedentedly cheap rates & is losing billions yearly.
According to this document, that has surfaced recently. It is clearly evident that
881 acres of KPT land in Karachi's Keamari Town Ship and Keamari Village Area were transferred to the Defense Housing Authority in 2005 on a 99-year lease at a rate of 18 paisa per square meter per year.
M/s United Workers Front of KPT Housing Society also leased KPT land in Hawksbay for 99 years in 2006 at a rate of 10 paisa per square meter per year.
Furthermore, KPT Officers Cooperative Housing Society Limited was granted a 99-year lease on 130 acres of KPT land on MT Khan Road at a yearly rent of 10 paisa per square meter.
It is pertinent to mention that these lands were leased in 2005 and 2006. These lands produce a loss of Rs 8,115.12 Million per annum or around 8 billion, according to the Document.
According to PAC officials who appeared before the committee, the act has caused a collective loss of more than Rs. 104 billion over the previous 16 years. That translates to around Rs 8 Billion worth of land being given for almost free.
The Public Accounts Committee (PAC) has referred the issue of these lands being allotted at rock-bottom prices to the National Accountability Bureau, demanding a report within a month.
A committee member indicated that the allotted land was the property of the Sindh Government and was given for business purposes at such cheap rates.
According to the concerned authorities, KPT was directed multiple times to look into the case, but no action was taken.