Pakistan has emerged as one of the most-fastest-growing economies in the region of South Asia, during the coronavirus pandemic. Experts attribute this to localized lockdowns and the kick-starting of the construction sector, which paved the way for expansion in affiliated industries as well. Even though the construction sector experienced a temporary disruption at the beginning of the pandemic, however, it landed on its feet and regained fast. The construction industry also benefited from the government’s Tax Amnesty Scheme 2021. In order to make the most of the advantageous economic situation, the Government of Punjab has launched the Lahore Central Business District Development Authority (LCBDDA) for the development of commercial real estate in the province. Here’s how it works.
All About The Lahore Central Business District Development Authority (LCBDDA)
The Lahore Central Business District Development Authority (LCBDDA) is an initiative by the Punjab government to introduce and build high-quality vertical developments in the province. The primary function of the LCBDDA is to create a ‘Central Business District.’ This will work for the development of environment-friendly, urban regeneration projects that are based on vertical design of buildings. The guiding principles of these buildings will be to enhance city characteristics by improving walkability and introducing smart infrastructure.
The main purpose of this mega project will be to create a business hub where investors can invest, while businesses are set up on a modern framework to facilitate business transactions. As per the project’s details, there are four main guiding principles that ensure complete facilitation and high revenue on investment. These are:
One-window operation: This will ensure full facilitation of all business investors who come here. Over the past few years, the government has introduced one-window operation facilities to a number of departments. These help facilitate work and provide a one-on-one opportunity for the investors to voice their concerns.
Mega high-rise development: High-rise developments are essential to rapid real estate growth, as they cater to the land shortfall in metropolitan cities, like Lahore. Moreover, there has been a change of trend toward vertical developments in Pakistan recently, and projects such as these are seen to be in line with these trends. This has been hastened by an increased demand from the buyers and investors who understand the investment potential of vertical developments.
LEED Certification: This is a certification that is given to building designs of all kinds; exterior and interior. It also looks into interior fit outs, operations and maintenance and core and shell, and any building structure that is LEED Certified, it automatically means that the project will be sustainable and environmentally friendly. With CBD certified by LEED, it has emerged as the first project to do so, in Pakistan. This new and unique model of development makes this project the first of its kind in Pakistan.
The Lahore Central Business District’s first project is in Lahore, known as Lahore Prime. This project features a number of reasons which make it investment friendly and promises high returns.
Lahore Prime Of LCBDDA
Lahore Prime is the first business district under the CBD initiative. Due to the function that it’s slated to perform, Lahore Prime is centrally located on Kalma Chowk which allows easy access to Ferozepur Road as well as Gulberg. This CBD spans over 100 hectares from Walton Train Station to the Sports Park and is connected by Gulberg and Ferozepur Road. This location is thoroughly connected by Metro Bus which has numerous bus stations on this route.
This prime location guarantees high returns on investment. The central location ensures higher footfall, ease of accessibility to banks, healthcare facilities, educational institutes, commercial areas, and the likes. For investment, location is of paramount importance and this development has it all.
Business plots are also available on easy installments and offer five main varieties. All of these are mega mixed-use commercial towers that will have banks, hotels, and business centres. Investors can easily set up their business here by paying the cost of property on easy installments.
After paying a down payment, 25% of the remaining payment has to be paid within 30 days, whereas the remaining amount will be paid within a year in three easy instalments. For those paying the entire amount upfront, a 5% discount will be given.
If you are looking to invest in Lahore, this is the site you should have your eyes on. For any queries, write to us at blog@zameen.com. Also, keep checking Pakistan’s largest property blog, Zameen Blog, for the latest on Pakistan’s property sector.
