In view of emerging demand for industrial plots by the multinational companies, the Punjab Industrial Estates Development and Management Company (PIE) has planned to expand the Sundar Industrial Estate. PIE wants to develop 50 acres of land so that the multinational companies could be accommodated at the Sundar Industrial Estate at Raiwind Road.
As many as seven companies are presently in contact with the PIE management for setting up their industrial units at the estate, the company's Chief Executive Officer Major General Tariq Javed (Retd) disclosed this while talking to Business Recorder here on Tuesday.
He further said that PIE was also going to establish an industrial estate comprising 400 acres of land in Rahim Yar Khan. "We would not only acquire the required land but also develop it from our own financial resources" the PIE CEO added.
The industrial estate which being planned at N-5 in Rahim Yar Khan would have state-of art infrastructure, would play significant role in the economic development of the Southern part of the province, he added. General Tariq Javed, however, said the company prefers state land, which is relatively less expensive and can be acquired on defer payment.
Punjab Chief Minister Mian Shahbaz Sharif has directed the Member Colonies of the Board of Revenue to identify suitable piece of land for the industrial estate, he said and added the Member has already gone to Rahim Yar Khan for this purpose. The company's financial health has been improved as much as it can develop industrial estate in Rahim Yar Khan besides expansion in the Sundar Industrial Estate, he added.
It is pertinent to mention that the PIE had forced some of the SIE members/allottees who have failed to commence/complete even civil work of their projects, even after availing the grace period, to surrender their plots at the buying price to the management. The developed plots, which were sold at a price of Rs 3 million per acre are now being resold at a price of Rs 8-10 million per acre, which would fetch substantial amount of revenue to the company.
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