This is with reference to Business Recorder report alleging Port Qasim Authority (PQA) to have sold a big chunk of land to Defence Housing Authority (DHA) at a throwaway price in a dubious manner published on 3rd Aug, 2005.
It is clarified that the report is misleading and contrary to facts. The land being acquired by DHA from the PQA for the Water Front Developments Project is presently a marshy wasteland which requires mammoth efforts in terms of time, money and planning to convert it into some usable form. The comparison of price with the price of lands in the adjoining areas is therefore not realistic.
Moreover, the price at which the land has been sold is not Rs 35/- per sq. yd only but it is Rs 35/- per sq. yd per year. This would be paid in 99 years. DHA has already made an up front payment of land for ten years accordingly. This by all records is a most fair price for the land.
The subject agreement was finalised at the highest level (Ministry of Shipping and Port) and as such is above board. It is reiterated that the deal in question is most pragmatic, transparent and judicious agreement mutually beneficial for both the parties concerned.