LAHORE, Oct 01 (APP): The auction of 125 commercial godowns of Pakistan Railways at Badami Bagh, Lahore, has successfully concluded, increasing the department’s annual lease revenue from Rs72.2 million to Rs331.08 million.
According to the PR spokesperson on Thursday, in line with the directives of Prime Minister Muhammad Shehbaz Sharif, Pakistan Railways has achieved a landmark financial milestone through the transparent and competitive leasing of its commercial assets.
The annual lease revenue represents an increase of 358.6 percent, while Pakistan Railways will also receive an upfront lump-sum payment of Rs277.72 million as a one-year security deposit.
Consequently, the total cash realization during the first year, including the first year’s lease payment and security deposit, will reach Rs608.80 million, marking a 743.5 percent increase over the previous year.
Minister for Railways Muhammad Hanif Abbasi said on this occasion, that national interest and transparency remain non-negotiable priorities for the government.
The minister emphasized that transparent utilization of railway assets directly served the national exchequer and congratulated the railway administration for conducting the auction in a thoroughly professional manner.
Source: APP (Associated Press of Pakistan)
