LDA increases cost of structure of Park and Ride Plaza to Rs837 million

The cost jumped Rs160 million from the previous cost.

The decision was made on Tuesday in the general body meeting of the LDA under the chair of DCO Ahad Khan Cheema along with LDA director general Abdul Jabbar Shaheen.

LDA officials would not talk about it but the matter was the top agenda items for the meeting. The cost of the plaza has now increased on account of the recommendation of the Traffic Engineering and Transport Planning Agency (TEPA), the agency responsible for the execution of the project.Chief Minister (CM) Shahbaz Sharif originally approved the Park and Ride Plaza at Bank Alfalah Square for Rs499.919 million in July 2009. The plaza, at that time, was planned as a five-storey building with the basement, ground floor and first floor to be used for commercial purpose. The car parking capacity was for 206 cars. The operational cost of the plaza for nine years was estimated at around Rs39 million while the net income during the same span of time was estimated at Rs1.4 billion, plus Rs1.76 million which were to be raised from the auction of the shops.

Later, the CM directed the LDA to revise the plan and make the plaza a 9-storey structure with a total of 11 floors, three commercial floors (lower ground, ground and mezzanine), eight parking floors with capacity for 305 cars and 150 motorbikes. Restaurants on the first and top floors were added as were 81 shops. The LDA approved the revision which increased the cost to Rs677.457 million.

Sharif on November 9, 2010, suggested that the restaurant at the top have full back up of power generators during load shedding hours. TEPA then revised the second plan accordingly and estimated the cost at Rs837.932 million, an increase of Rs160.475 million. The LDA approved the revision and the price will be charged to the authority.

In the new plan, architectural work is billed at Rs74,581,120, public health at Rs15,761,653, electric work at Rs179,035,061 and the HVAC system at Rs46,187,000.

Light metalware cost was revised to Rs117,855,830, lift (panoramic capsule elevator) to Rs13,600,000, horticulture and landscaping to Rs10,794,620, rehabilitation of existing parking area to Rs2,843,596 and street lights to Rs1,220,890. Operational charges for the first year have been revised to Rs23,814,000, gas connection at Rs500,000 along with additional percentage on all above charges has been revised up to 4.5 per cent. The revised cost for the entire project now stands at Rs91,571,885, previously it was at Rs 89,851,087.

Published in The Express Tribune, April 27^th, 2011.