Updated: Mar 16, 2022
In a recent bid to sell commercial plots, the Lahore Central Business Development Authority (LCBDA) auctioned seven plots that had a total net worth of PKR 34.89 billion. These plots were named Downtown Lahore where high-rise buildings will be developed for various purposes to further urbanize the city, bring more economic stability and play a part in the country’s growth.
LCBDA, also known as CBD Punjab, auctioned seven commercial plots of different sizes ranging between 12 to 14 kanals. The individual revenue generated from the sale of these plots ranged between PKR 3.6 billion to PKR 6.5 billion. The auction was attended by various national and international developers while bid winners were also present on the occasion.
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The Lahore Central Business District Development Authority (LCBDDA) launched Lahore Prime – located near Kalma Chowk, Ferozepur Road and Main Boulevard Gulberg – to present a unique investment and business opportunity in the city. The government also initiated work on the first planned Lahore Downtown for the urban and economic development of the province.
Let’s take a deeper look at this mega investment and business opportunity in the Central Business District and what to expect in the future.
More About Lahore Downtown
Lahore has seen a significant rise in the number of skyscrapers that are being developed to provide more options for residential and commercial units. The vision of the concurrent government is to use public sector resources for the good of people by making unproductive land usable, creating more job opportunities and bringing private investment and new businesses to the city.
The first planned and organized Lahore Downtown will be home to high-rise buildings and promote the growth of vertical developments for efficient use of land. These high-rises will be used by businesses from different sectors such as banks, entertainment, hospitality, technology and many others.
The modern downtown project in Lahore will be developed by auctioning seven premium mixed-use commercial land sites. These are present in the CBD Punjab demarcated area adjacent to Main Boulevard Gulberg. The candidates will be bidding in an open auction and the winners can choose to pay in installments spread over a period of five years.
While talking about this achievement, Executive Director Commercial LCBDDA Mohammad Omer also said “Lahore Downtown will be a sign of class and integrity for all by revolutionizing new opportunities in the field of real estate. Apart from bringing domestic & foreign investment, the project will also create new jobs and business opportunities in Punjab.”
How To Register For Bidding
The registration process is very simple. All you need to do is fill an online form which is available on the website of Lahore Business District Development Authority.
The registration form requires your company name, type of business, contact details and any queries you may have. You also need to select the area of plot you want to bid against.
Central Business District Master Plan
The Central Business District (CBD) was launched by Prime Minister Imran Khan in March 2021 as Pakistan’s first smart and ecological development. The project was started in the area of former Walton Airport where multiple high-rise buildings, residential units and corporate offices are included in the design. The Central Business District truly highlights the importance of developing sustainable infrastructure that works in conjunction with the environment.
The project was started with only PKR 100 million and so far, it has generated PKR 40 billion through land auctions. The project is expected to generate PKR 100 billion by March 2022 and PKR 200 billion by March 2023. The project aims to provide all the benefits of vertical living to the residents while creating residential options and job opportunities for the public.
Lahore Downtown is part of the Central Business District masterplan where the following facilities will be provided to the public:
- Blue roads
- Underground traffic system
- Facilities for pedestrians
- Smart trees
- Uninterrupted power supply
- Internet of things
So, if you are interested in this unique opportunity, register yourself to bid in the open auction and make the investment of a lifetime. Keep reading the Zameen Blog for more information and updates. You should also subscribe to Zameen Newsletter to keep a track of all the latest investment opportunities in the real estate sector of Pakistan.
