The Lahore Development Authority (LDA) is bracing to establish the first-ever planned business hub of international standards in the provincial capital, Pakistan Today learned on Sunday.
The Finance and Trade Centre will be built on 1,123 kanal land near the Expo Centre, Johar Town. The site has been selected keeping in view its proximity to the Motorway, Southern Bypass and other major intercity roads of Lahore which will facilitate business from other areas.
Specialised facilities to carry out different kinds of businesses will be provided at the business centre to make it a nucleus of commercial activities. The LDA has allocated Rs 500 million in the current budget to build wide roads and improve basic infrastructure in the area for the project.
A scheme to setup various ventures in the area has also been finalised. Beside a corporate office and IT Tower, a superstore would be built on 90 kanals, a five star hotel on 114 kanals, bank square on 69 kanals, health club on 27 kanals, hospital on 25 kanals, mosque on five kanals, recreation area on 75 kanals, parking and mini golf club on 32 kanals and a park and lake on 42 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 111 kanals and a corporate office and LDA tower would be built on 101 kanals.
Plots in the Finance and Trade Centre will be sold through open auction by the LDA. In the first phase, open auction of plots reserved for setting up a five star hotel and an international superstore will be held on September 10.
The LDA has also decided to relax building bylaws to encourage construction of high rise buildings in the Finance and Trade Centre and for this, it will frame special building regulations. Work on the project would be initiated after a subsoil survey of the site and issuance of a no-objection certificate from the Civil Aviation Authority.
Under the prevalent building regulations, four basements can be built on a plot measuring more than four kanals. At the new centre however, five basements would be allowed. The mandatory open side space on a plot measuring more than 20 kanals will be 15 feet compared to 20 feet elsewhere. No height limit is being imposed for structures to be built in the area.