Lahore: Punjab Central Business District Development Authority (PCBDDA) Executive Director Commercial Muhammad Omer has said the authority will raise the necessary capital for the development projects from the barren lands of the province, news sources reported on October 14.
The executive director said this during an interaction with the university and academics here in Lahore. He stated that the authority is developing a business model to commercialize the government of Punjab’s underutilized and non-farmable land in order to create cash for the current development project. The authority is holding meetings and consulting with stakeholders and partners in this respect. He stated that the authority is confident in carrying out this business strategy because they raised PKR 58.89 billion in a short period of time through a land sale in Lahore.
He emphasized the significance of the Lahore Central Business District (LCBD) and stated that the initiative is the first of its kind to leverage on and implement a complete urban redevelopment project. He stated that any CBD development will be done with the long-term development goals in mind. He also added that the project is critical for attracting foreign direct investment (FDI), which will benefit the country’s economy.
It is worth noting that the LCBDA was established by an act of parliament in 2021 and was recently renamed the Punjab CBD Authority. The authority will now be in charge of large-scale vertical infrastructure development across the province.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
