Lahore: The government has given its approval to the proposal for leasing out the Lahore Development Authority’s (LDA) ‘Walk & Shop Arena’ project in Johar Town to the Punjab Central Business District Development Authority (PCBDDA), as per the news sources on January 16.
The project, known as Lahore Global Village, is set to be leased under specific conditions, subject to various regulatory and contractual considerations. The government’s nod for the leasing depends on the submission of a formal request to the PCBDDA, adherence to proposed terms and conditions, execution of a lease agreement with the PCBDDA, pending the promulgation of the Management and Transfer of Properties by Development Authorities (Special Dispensation) Rules-2023. Additionally, the agreement is subject to the government’s approval of terms and conditions and the rescission of the previous agreement dated August 12, 2023, between LDA and PCBDDA.
The approved proposal, discussed in a recent meeting of the LDA governing body, includes an agreement with the PCBDDA for the marketing of high-value properties owned by the LDA. The government has also urged coordination with the Secretaries of the Finance and Housing Departments to finalize modalities for local and foreign investments, amounting to USD 500 million, subject to legal and codal formalities.
A principal agreement, initially signed on August 12, 2023, between LDA and PCBDDA, outlined revenue-sharing ratios, with 80% going to LDA and 20% to PCBDDA. The lease period for the project is set at 33 years, extendable upon mutual consent. Notably, the ownership of the property remains with LDA, with PCBDDA handling revenue management and sub-leases.
The ‘Walk & Shop Arena’ project spans 130 kanals, costing PKR 2 billion, featuring architectural themes like Mughal, Spanish, Italian, Chinese, and American. It encompasses amenities such as an amusement park, amphitheatre, shopping mall, restaurants, and various recreational facilities.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
