Govt expects huge investment

Authority plans to offer seven mixed-use of commercial plots in Lahore’s first downtown

LAHORE:

After attracting over Rs24 billion investment during the first round of the auction last year, the Lahore Central Business District Development Authority (LCBDDA) is all set to launch ‘Lahore Downtown’ during the current month, The Express Tribune learnt on Monday.

The authority has planned to offer seven mixed-use of commercial plots in Lahore’s first downtown at Main Boulevard Gulberg with a five-year payment plan. Several local and international investors have already expressed this interest in Lahore Downtown and the authority is expecting a tremendous response in an upcoming auction scheduled in the third week of February.

The authority has decided to make the payment plan flexible for investors as any successful bidder has to deposit 10% of the price within 45 days of the bid acceptance letter and the remaining in 60 months. The authority has also announced a 5% discount on full advance payment within 30 days.

Like Lahore Prime – which was auctioned last year, Lahore Downtown also has ultra-high-rise building bylaws and one window operations facility for investors. It will be the first of its kind project in Pakistan which is LEED-certified and focused on green sustainability and offers an opportunity for businesses to obtain premium mix-use commercial plots for ultra-high-rise signature towers, mix-use complexes, financial towers, hospitality hubs or any promising business centres, on a ‘buy to build basis’ via open auction.

Available information showed that Lahore Downtown spreads over an area of around 92 kanals having seven commercial plots ranging between 12 and 14.39 kanals.

The authority is in the process of completing spadework for the auction of Lahore Downtown and soon it would announce the reserve price for these premium commercial plots.

Prime Minister Imran Khan, last week, visited the site of Central Business District Punjab to inspect the pace of development works underway on the site. He was briefed that the authority had generated a revenue of over Rs24 billion through the previous round of auction of Lahore Prime and the project would create a large number of employment opportunities once construction and business activities kickstart at the site.

LCBDDA Chief Executive Officer Imran Amin underscores that projects like the Central Business District in Pakistan are extremely vital for the revival of dead capital, urban regeneration through sustainable vertical development and the creation of jobs and business opportunities.

“The project is expected to generate a wealth of Rs1,500 billion. We are looking forward to the success of the second phase, the Lahore Downtown,” he maintained.

LCBDDA Executive Director Commercial Mohammad Omer said, “Lahore Downtown will become a sign of class and ingenuity for all by revolutionising new opportunities in the field of real estate. Apart from bringing domestic and foreign investment, the project will also create new jobs and business opportunities in Punjab”. LCBDDA is also aiming to play a vital role in increasing the economic growth of Punjab by just attracting the people seeking businesses and job opportunities.

Through its “Smart City Mission” LCBDDA has come up with amazing initiatives which are planned for the benefit of residents spread across the CBD Punjab.

It also initiates to provide a fast track one window facility so that every query that the client might have may be addressed properly.

The LCBDDA will assist their clients with the common problems of depositing the timely dues, getting building plans approved, initiating their respective marketing and sales, taking over the possession or addressing any other relevant queries that they may have.

Published in The Express Tribune, February 1^st, 2022.