LAHORE: The Punjab administration has planned to auction off public lands across the province in an effort to raise revenue.
The details indicate that the government would sell off about 350 public assets throughout the province.
As per the sources, the government intended to sell off public property to get the desired amount of money as the Punjab Board of Revenue has provided a summary of this information to the Chief Minister’s House.
According to the summary, 79 properties in the Sahiwal division would be sold for over Rs. 800 million, while 46 public assets in the Lahore division would be auctioned for Rs. 6 billion.
In a similar bid earlier, the Chief Minister of Punjab, Chaudhry Pervaiz Elahi agreed to lower the property transfer cost to 1 percent earlier in September.
Besides, the CM also presided over a high-level meeting and approved lowering the property transfer cost to 1%.
According to him, lowering the property transfer tax to 1% would result in an increase in revenue for the provincial government.
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