LAHORE – A hotel site of Lahore Development Authority (LDA), measuring 118 kanals, was auctioned for Rs2.177 billion on Monday.
The plot is situated in the planned Finance and Trade Centre, spreading over an area of 1123 kanals near Expo Centre in Johar Town, Lahore. Reserve price for the plot had been fixed as Rs One crore and 40 laks per kanal where as it was auctioned in one crore, 84 laks and fifty thousand rupees per kanal.
Severe competition between the bidders was witnessed at this occasion. Ms Nishat Hotels and Properties Limited offered the maximum bid for purchasing this plot whereas Ms. Daewoo Sapphire Consortium remained at the second position.
The auction proceedings were held at LDA Community Centre, 239-A New Muslim Town and were supervised by the Vice Chairman LDA, Aamir Asghar Dar. Members of LDA’s auction committee including Chief Metropolitan Planner Waseem Ahmad Khan, Director Estate Management One Muhammad Numan Khan, Director Finance Zaheer Asghar Rana, Director Estate Management Qaid-e-Azam Town Mian Mazhar Iqbal and Director Land Development One of LDA Imran Raza Abbasi conducted the auction.
The Governing Body of Lahore Development Authority has already permitted other uses of this hotel site including setting up of an Inter City Bus Terminal, a D-Class Bus Stand for indefinite period, Super Store, Shopping Centre and provision of other allied facilities. Lahore Development Authority has also decided to relax building bye laws for encouraging construction of high rise buildings in this new hub of business in the provincial metropolis.
Comparing to other areas of the city, maximum height of buildings to be constructed in the Finance and Trade Centre has been increased. Ground floor coverage has also been enlarged and a building could now be constructed by covering 60 per cent area of a plot. Spaces, to be left open on both sides and rear side of the plots, have also been reduced.
The Finance and Trade Centre is being established by LDA on 1123 kanals of land, situated near Expo Centre, in Johar Town. Lahore Development Authority has allocated a sum of Rs. 550 million for construction and improvement of infrastructure of the area. Out of this land, a superstore would be built on 90 kanals, a hotel on 118 kanals, bank square on 69 kanals, a health club on 27 kanals, a hospital on 25 kanals, a mosque on five kanals, recreation area on 75 kanals, and parking and mini golf club on 32 kanals. About 40 kanals have been reserved for multi-storey apartments, eight kanals for the service area and 388 kanals for roads. The commercial area of the centre would be on 111 kanals and a corporate office and LDA tower on 101 kanals.
A plot, measuring 90 kanlas, reserved for setting up a super store in the Finance and Trade Centrehad been auctioned on 5th October last year. Reserve price for the plot had been set as Rs. 110 million per kanal where as it was auctioned in one crore, eleven laks and twenty five thousand rupees per kanal. Federal Employees Benevolent and Group Insurance Fund, Islamabad, purchased this plot by offering maximum bid.