LAHORE: The Lahore Development Authority will hold an open auction for a 118-kanal hotel site at the Finance and Trade Centre in Johar Town today (Monday).
The auction will be held at the LDA Community Centre, Ayubia Market, New Muslim Town at 10am.
The base price has been fixed as Rs14 million per kanal.
The LDA governing body has allowed certain possible uses of the site, including setting up of an inter city bus terminal, a D-Class bus stand or a shopping centre.
The LDA also has relaxed its building by-laws to encourage the construction of high rise buildings in the Finance and Trade Centre. The ground floor can now cover 60 per cent of the land.
The Finance and Trade Centre is being established on 1,123 kanals near the Expo Centre in Johar Town. An amount of Rs550 million has been allocated for construction and improvement of infrastructure in the area. A superstore will be built on 90 kanals, a hotel on 118 kanals, a bank square on 69 kanals, a health club on 27 kanals, a hospital on 25 kanals, a mosque on five kanals, a recreation area on 75 kanals, and parking and a mini golf area on 32 kanals. About 40 kanals has been reserved for multi-storey apartments, eight kanals for a service area and 388 kanals for roads. A corporate office and LDA tower will be built on 101 kanals.
Published in The Express Tribune, September 17th, 2012.