Punjab government has adopted a unique way of selling the government land in Lahore for the peanuts, reported 24NewsHD TV on Monday.

According to the report, the Punjab government is preparing to sell the Auqaf department’s occupied land to the country's renowned private housing society for a meagre price.

The Punjab government is considering the proposal to sell a Kanal plot for Rs2.5million instead of its market value of Rs10million.

In 2017, the Auqaf Department came to know that Nasir Housing Society, located south of Lahore, had seized 47 canals of its land and submitted an application to the Anti-corruption department.

However, the government's recommendations, the matter was made conditional on the sale of land to the housing society.

Sources said that a plan has been made to sell the land worth Rs470 million for over Rs110 million at a lower rate.

Yesterday, a meeting was held under the chairmanship of the Provincial Law Minister Raja Basharat, in which it was recommended to sell the government land to the society.

The government has already taken the estimates from the private companies to determine the price of the land.

According to official documents, Nespak has estimated the price of one Kanal of land as Rs2.2million while Joseph Private Limited Company has estimated a rate of Rs2.5million per Kanal.

On the other hand, sources said that senior member Board of Revenue Babar Hayat Tarar also objected to sale the land directly to the housing society. Babar Hayat was in favour of exchanging the land with the housing society.

But the secretary Auqaf while referring to section 16 of the 1979 Endowment Ordinance, said they only can sell the land.

It was decided in the meeting, that the DC rate of the land should also be estimated. In this regard, the Cabinet Committee on Legislative Business has asked for a report by fixing the DC rate of the land.

Reporter: Ali Ramay