Daily Times

KARACHI: Following a ban on lease and sub-lease of commercial, industrial and residential plots, the Sindh government has inflicted a loss of Rs 50 billion during the last seven months, officials of Board of Revenue have informed.

In addition, Karachi Metropolitan Corporation, Karachi Development Authority, Lyari Development Authority, Malir Development Authority Sindh Katchi Abadis Authority, Goth Abad Scheme, Lines Area Resettlement Project, Korangi Pilot Project, Katchi Abadis KMC, cantonment boards, Karachi Port Trust, Pakistan Railways, Pakistan Steel Mills, Civil Aviation Authority and other land control departments has also faced revenue loss to millions of rupee.

The Supreme Court of Pakistan Karachi Registry had imposed a ban on the lease and sub-lease on the pretext of wrongdoing in lease affairs while Sindh High Court during a case hearing had stopped also registrars of revenue department to stop granting lease or sub-lease on undertaking.

Court had also warned officials of action in case of violating orders of the Court. The 24 sub-registrars and a district registrar had been stopped on this effect by the Court on the pretext that these revenue officials had been involved in corrupt practices.

An official of revenue department informed that federal government has also increased rate of Value Gain Tax to 4 percent to reach from Rs 4,000 to Rs 13,000 on 120 yards of plots and vice versa on other area categories.

Meanwhile, Sindh government has also increased around 4 percent in stamp duty on property transfer.

The 99-year lease of old city areas- Kharadar, Mithadar, Garden East, Garden West, Lawrence Quarters, Tela Ram Quarters, Railway Quarters, Old Town Quarters, Gari Khata Quarters, Marriott Quarters, Serai Quarters, Ram Bagh Quarters, Preedy Quarters, Saddar Quarters, Jamsheed Quarters, Soldier Bazaar Quarters has been timed out.

Sub-registrars had also been asked by Sindh Building Control Authority to shun giving sub-lease to builders, constructing portions and residential units in parts of city.

More than 70 percent revenue income of KMC on monthly basis has also been curtailed on revenue earning segments of land transfer, sub-lease and on extension on sub-lease. Dr Asghar Hussain, Finance Adviser KMC was of the view that entity would experience further financial crunch and in this way payments and expenditures of under control departments of KMC would badly be suffered besides fears of closures of some of the departments.

He said that several ‘Save Our Soul’ letters have been written to Sindh finance department for seeking Rs one billion forthwith in order to save the entity from total financial collapse.

Published in Daily Times, September 22^nd 2017.