PESHAWAR: Though the launch of the Jalozai Special Economic Zone is just around the corner, the company, tasked with developing industrial estate, has neither announced the `offer price` of plots it plans to sell to investors nor has it finalized the master plan for the estate.
The Khyber Pakhtunkhwa Economic Zones Development and Management Company (EZDMC) had published advertisements in the major newspapers on August 27 offering industrial plots in the Jalozai special economic zone to the prospective investors.
Curiously, the advertisement didn`t carry important information including offer price for plots and terms and conditions for the allotment.
More than two weeks after this announcement, the company`s executives issued contradictory statements about the plot offer price and the project`s approval by the board of directors and its master planning.
Sources in the company and industries department insisted that the EZDMC has yet to announce the plot offer price approved by the board of directors and that the main reason for it is the ongoing process of the master planning.
A source claimed that the plot offer price has yet to be decided as currently the Nespak is executing the industrial estate`s master planning.
Following the survey`s completion, the development charges will also be added to the offer price and then it will be placed before the company`s board for approval,` he maintained. The source said the price of a plot, measuring an acre, is likely to be around Rs20 million due to the area`s location and other factors.
Other sources claimed that the price of similar size’s plot is Rs7.5million in Peshawar industrial estate, Rs5.6million in Hattar industrial estate and Rs2.5million in Gadoon industrial estate.
The plan to develop the Jalozai industrial estate in Nowshera district was first conceived in 2003. The 257.5 acres of land was acquired for the purpose against the rate of one plot viz-a-viz-Rs27.10million under the Land Acquisition Act-1894, later in June 20015.
However the landowners approached the Peshawar High Court against what they perceived as meager amount of compensation for their lands.
The PHC in its verdict increased the land compensation amount to Rs738.64 million.
A working paper submitted to the company`s 13th board meeting put the total payable amount of compensation at Rs910 million.
The company had paid Rs200 million to a Nowshera court in 2015 for forward payment to landowners in compensation and Rs500million on August 31, 2017 against the enhanced land compensation.
A source said of the total area of 257 acres, 40.5 acres of the proposed estate had been reserved for infrastructure while 97 acres had been allocated for industrialists in the past, leaving a total of 120 acres, which was on offer now.
He said the Nespak was selected as consultant for the project`s master planning and designing whereas the estate`s technical feasibility has yet to be completed therefore the accurate cost and of price could not be calculated.
The source said the technical department estimated the plot price to be Rs25.3million per acre and that of 25 percent subsidy under the KP Industrial Policy-2016, the offer price came close to Rs19million.
One of the company`s executive quoted Rs20million offer price for an acre plot while its chief executive officer Mohsin Syed put the price at Rs15million.
Syed however denied the assertion that the industrial estate`s master planning is not completed and that the board of directors have yet not approved the plot offer price.
The master planning is complete whereas the board has approved the offer price,` he said.
However the minutes of 12th board meeting, which took place on May 25 and available with Dawn, show that the Jalozai industrial estate`s offer price is not on the agenda of the meeting.
The issue of the Jalozai estate plot price came up for discussion in the 13th EZDMC board meeting, which took place on August 10 while the minutes of 14th board meeting, which was held on August 17, show that the board approved Rs2.5million for the Jalozai groundbreaking ceremony.
Syed said the offer price went up due to enhanced compensation price to the landowners.
