KARACHI: Industrial estate in Benazirabad (previously Nawabshah), though equipped with all basic infrastructure and facilities — has been awaiting investors for over 22 years as they prefer Karachi despite its abnormally high land prices.
A study of industrial land rates in Sindh reveals that price in other towns ranges between Rs0.3 million to Rs0.4m per acre compared to Rs12m in Karachi and Rs0.8m-Rs1m in Hyderabad.
There are no new plots in Karachi but large textile mills facing financial crunch, keep selling parts of their land for creating space for new units, said SITE (Sindh Industrial Trading Estate) Managing Director Abdul Aleem Lashari. Among other factors, he failed to identify incentives for new industries and their security.
He hoped that after establishment of Chamber of Commerce and Industry in Benazirabad, industrialisation in the area will pick up pace.
Data provided by SITE Ltd shows number of units in SITE Karachi is 2,617, Hyderabad 439, SITE Super Highway 418, Sukkur 76, Kotri 145 and Nooriabad 68.
SITE official revealed that a lone industrial unit was set up with modern machinery to manufacture viscose fiber, a vital textile raw material, in early days of industry in Benazirabad. It was, however, closed due to recession in textile sector.