Lahore: The Lahore Central Business District Development Authority (LCBDDA) – in an open auction – auctioned off seven plots for a record accumulative sum of PKR 34.7 billion during a bidding session that was held on Thursday (March 10). The plots, located on the Main Boulevard Gulberg, were auctioned off to participants in a private hotel.
Read: LCBDAA announces auction date for seven commercial plots in Lahore Downtown
On the occasion, LCBDDA Chief Executive Officer (CEO) Imran Amin said that the high amount collected and the overwhelming response for Lahore Downtown reflects the confidence of people in the initiatives of the authority. He also highlighted the significance and originality of the project, saying that the people’s interest in the project is because of the favourable bylaws regarding height (500+ft and FAR-Floor area ratio of 1:15). He said that the local real-estate sector is growing, and Lahore’s first Downtown will be the crown jewel.
Read: LCBDA kicks-off two-month apprenticeship for fresh graduates
During the auction, the authority received the following offers for Downtown plots measuring 12 to 14 kanals:
- Lahore Downtown 1 was sold to Pothar Developers for PKR 6.5 billion
- Downtown 2 was sold to Nova Group for PKR 5.1 billion
- Downtown 3 was sold to Onyx Developers for PKR 4.08 billion
- Downtown 4 went to Kingdom Valley for PKR 3.6 billion
- Downtown 5 was bought by Kingdom Valley for PKR 4.2 billion
- Downtown 6 was sold to Grand Arc Builders for PKR 5.28 billion
- Downtown 7 was sold to the ASC Constructors for PKR 6.14 billion
Source: Central Business District Punjab Facebook
The amount is the highest the government has received most since its last auction in September when it collected PKR 25 billion from the auction of commercial plots in Lahore Prime.
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