Jamadi ul Awwal 29, 1428

June 15, 2007

Nazim-KCCI meeting resolves KMC rent issue

“The judicious decision taken by Nazim-e-Ala Syed Mustafa Kamal with the support and encouragement of Governor of Sindh Dr Ishrat ul Ibad Khan helped resolved the contentious issue of increase in rent for the tenants of the 91 KMC markets. This decision brought a big relief to the 13,000 tenants who were facing acute hardship and difficulty since this matter was pending for many months. On behalf of the tenants, the small traders, and KCCI, I thank the Governor and the Nazim for this historic decision.” Majyd Aziz, President Karachi Chamber of Commerce and Industry stated this while announcing the agreement reached in the Nazim’s office on Thursday evening.

The KCCI Chief appreciated the announcement of the Nazim that the CDGK is determined to improve the infrastructure and to maintain harmony between the business community and the administration. He said that the Nazim had desired that the President KCCI make the right decision and that both CDGK and the KMC Markets’ tenants would honor the decision. Majyd Aziz announced the following decisions:

·  The rent of the KMC Markets would be increased by 50% over the present rate.

·  Transfer fees on shops would be increased to Rs 25,000 per transfer and the usual practice 

    of increasing the rent upto 50% on each transfer would be done away with.

·  CDGK would increase the rent every year by 5%. The challans would be issued in time.

·  The tenants would cooperate fully with the CDGK officials and would take personal interest

    in maintaining their shops and keeping the markets free from encroachments, garbage, and debris.

·  CDGK would also improve the external facilities as part of its Karachi development program.