Lahore: The Punjab government has approved to give Walton Airport’s land to the Lahore Central Business District Development Authority (LCBDDA) on a 99-year lease, a news source reported on August 7.
The authority had formally requested the provincial government to extend the lease period from 30 years to 99 years. Reportedly, the potential bidders of the five commercial plots (that were to be auctioned on August 4) had raised their concerns over the lease period. Responding to the requested extension in the lease period, a senior LCBDDA official said that the request was made in order to establish clarity on the lease duration.
According to the official, the auction of the commercial plots in the former airport facility was delayed due to travel restrictions imposed in various parts of the country due to Covid-19. Reportedly, the bidder’s consent was sought for delaying the auction.
The provincial government has allocated 122 acres of Walton Airport land to the LCBDDA for setting up a central business district. According to the authority’s official spokesperson, the LCBDDA and the government are on the same page to encourage an influx in the national exchequer. Shifting the old airport facility from the centre of the city and converting it into a business district will improve the overall investment culture in the country. Such initiatives will help pay our foreign loans, said the spokesperson.
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.
