First phase of Ravi Riverfront to cost Rs1 trillion

Rs200 billion will be required for land acquisition for project

LAHORE:

The first phase of the Ravi Riverfront Urban Development (RUD) project is estimated to cost around Rs1 trillion, including land acquisition of Rs200 billion.

Several local and international developers, including Chinese real estate giants, have already expressed their interest in this longest riverfront project in the world.

Speaking to The Express Tribune on Thursday, Lahore Development Authority (LDA) Vice Chairman SM Imran said the opposition has provoked citizens to take to the streets otherwise no development works is started on the ground yet. Deliberations are underway to finalise the modalities to kick-start the project and the government is very much clear about the fact all mega projects have to face roadblocks everywhere in the world.

“To document the situation on the ground, the government has only sent officials of the Punjab Revenue Department and people have been instigated to stage demonstrations. Prime Minister Imran Khan has very clear instructions that the government will remain just and will not violate any citizen’s rights while initiating the project,” he underlined.

LDA vice chairman said notifications under Section 4 of the Land Acquisition Act, 1984 have been made but it would be early to indicate that at what price the government will start to procure of land in different areas. Though initial estimates about the value of land have been made and circulating among masses these rates are not final and for planning and estimation only.

Responding to a question, Imran said after completion of the spadework the government will initiate development from the empty area and will engage stakeholders concerned for suggestions and evaluation of proposals to solve reservations of different stakeholders.

He underscored the project has numerous social and economic benefits for the provincial capital. It will help in ensuring water security, generate tremendous employment opportunities, fulfil swelling housing needs and run wheels of over 40 industries.

“Real beneficiary of these developments will be common citizen unlike previous regimes,” he added.

Answering another question, LDA vice chairman said the government does not have financial resources to complete the project from public kitty. Punjab’s total budget outlay is around Rs2.2 trillion. The government has only Rs250-300 billion for development while the first phase of the project is estimated at around Rs1 trillion. The government will negotiate with development partners to complete this new city project.

As per available information, this 46-kilometre long waterfront urban development project will have 13 special centres, including knowledge city, health city, commercial city, innovation city and sports city.

Published in The Express Tribune, November 13^th, 2020.