Rawalpindi Ring Road generates Rs130 bn in property deals

ISLAMABAD: Rawalpindi Ring Road (RRR) has generated real estate deals of more than Rs 130 billion since it was founded in 2017, according to initial official findings

. New official evidence shows that 18 politically connected individuals and 34 influential builders and real estate moguls have acquired around 64,000 canal land in various deals in the Rawalpindi / Attock Loop, Paswal Zigzag, GT Road and Islamabad Margalla Avenue jurisdictions, the value of which is expected to increase Start of work on the RRR project will multiply.

More than 63,828 canals of land by paying an estimated 31 billion rupees to the actual owners of the land while some parts of the land were allegedly taken in the past four years, careful examination of official records, files and preliminary findings from researchers related with RRR. Real estate tycoons sold around 0.32 million package files / promises that grossed an estimated Rs.131 billion.

Merchants also have to pay taxes on 67% of land transactions, which equates to 1.7 billion rupees. However, they are directly or indirectly linked to RRR jurisdictions, as the official results showed. Hundreds of thousands of land registry entries have been sold to bulk buyers and prospective buyers with 10% to 30% down payments in the market. Unofficial discussions / interviews with around a dozen high-ranking administrative officials resulted.

RDA, CDA and Attock / Rawalpindi / IKT. Investigators also looked for a possible link of around a dozen and a half ministers, special assistants to the prime minister, MNA, senators and AMPs to these real estate deals, who would have been direct or indirect beneficiaries of the newly planned route had the project been carried out.Some of them collectively inherited more than 17,110 canals of land or recently bought much of the land that appeared to be close to RRR jurisdiction in one way or another.

Some of them already had ancestral land in the area in question while others turned up. Preliminary results from the researchers showed that up to 18 housing associations and builders bought more than 11,300 canal plots in nine mauzas, namely Moorat, Jungle, Raman, Ganda, Daulat Pur, Mehlu, Bango, Kanial.

And Qutbal in the area investigated to be directly or indirectly linked to the Attock Loop. These builders and real estate moguls paid around 1 billion rupees to the actual owners of the land, but they themselves generated more than 11 billion rupees from customers by increasing the land price over the past two years, according to preliminary evidence, real estate agents paid over 24,540 canals of land, for the real estate agents paid 3 billion rupees to homeowners who made around 50 billion rupees over the past four years after selling files.

Six housing companies acquired 10,871 canal land and grossed around 35 billion rupees near New Islamabad International Airport, GT Road, Paswal Zigzag and Margalla Avenue. An investigation revealed a total of 34 housing and construction companies that had not even registered them. Almost 60% of businesses and builders sell land titles in bulk through advertisements that show the partnership’s closeness to the RRR project. This was the result of the investigation.

And 11 firms have filed lawsuits against these real estate moguls, while the NAB opened an investigation into seven housing companies and 15 individuals, official results showed.Around 31 government officials and around a dozen retired military officers are said to have instigated the manipulators involved in these land agreements and the creation of the desired RRR lists.

FIA investigators NAB and ACE Punjab are ready to investigate all of these influencers who have received approval for this new RRR lineup, either directly or through front men, to find the desired road connections around RRR along with IKT, Rawalpindi, GT Road, Highway, CPEC, Attock, Paswal Zigzag, Margalla Avenue and New Islamabad International Airport The researchers also confided in Geo News that RRR’s new road links could potentially 34 parcels of an influential former government and her family in Sectors C-15 / 16, Islamabad and one way or another 1,310 canal land in the Hence the new lines that could potentially benefit a former PML-N senator who owns more than 4,700 canals in the Fatehjang, Attock and Mauza Rajar etc. jurisdictions.

Officials also revealed that two PPP MNAs own 2,460 land channels in Sangani, Islamabad, what appears to be a proposed RRR jurisdiction.