ISLAMABAD: Pakistan Railways has generated around Rs214 million during last year through short and long term lease of railway land in different part of the country to make the department a profit earning entity.

“An area of 172.36 acres of land has been licensed and leased out for various purposes included premium shops, stacking, agriculture and parking stands etc,” an official in the Ministry of Railways told APP.

Giving detail about the conditions and criteria for leasing land to agricultural purposes, he said the department has licensed land through competitive bidding by fixing Ousat Bay rate as reserve price for open auction.

The official said that Pakistan Railways has leased its cultivated land for the period of four years and barren land for five years.

He said the department has licensed for the premium shops through competitive bidding by fixing the reserve price of premium and monthly rent on the basis of market rate of the locality.

The official said that now Pakistan Railways has reduced the period for lease land only for five years after decision of the Supreme Court in 2020.