FAISALABAD, Oct 14: The Faisalabad Industrial Estate Development and Management Company (FIEDMC) is not ready to accept price of the land assessed by the District Price Assessment Committee (DPAC), terming it more than the existing market rates, it is learnt.

The company has categorically rejected the price of land in Chak 165-RB Chak Jhumrah measuring 81 kanals and 12 marlas, being acquired for the Value Addition City (VAC).

The DPAC fixed Rs1.04 million as average price per acre. However, sources said, the company had earlier purchased approximately 3,000 acres at an average Rs375,000 per acre.

The price assessment procedure of the revenue department has annoyed the FIEDMC officials who term this practice unlawful.

The FIEDMC is a public-private partnership entity that has been entrusted the job of establishing the VAC and M-3 Industrial City with the funding of the Punjab government.

The M-3 Industrial City is believed to be the largest industrial estate in Pakistan located along motorway. The VAC comprises 215 acres and located close to Khurrianwala and sale of plots started on April 11, 2005.

Sources said before acquiring the state land, the company had asked the DO (revenue) to approach the Board of Revenue for its transfer to FIEDMC. But, now the company was shocked to know about the land price.

The company has expressed its concern over method of price fixation and said the field revenue staff had not bothered to follow the legal procedure while assessing the market value of land.

FIEDMC chief operating officer Ahmad Raza Siddiqui said: “We want to save funds of the government being provided for these mega projects. The price assessment method of the revenue officials is not commendable which can create problems.”

He said the company had approached the officials concerned to review the price.