The Lahore Central Business District Development Authority (LCBDDA), which attracted over Rs24 billion in investment during the first phase of the auction last year, is slated to unveil ‘Lahore Downtown’ this month, according to The Express Tribune. The authority intends to offer seven mixed-use commercial plots on Main Boulevard Gulberg in Lahore’s first downtown on a five-year payment schedule. Several local and international investors have already shown interest in Lahore Downtown, and the authority anticipates a strong response in the forthcoming auction, which will take place in the third week of February.
Lahore Downtown includes ultra-high-rise building bylaws and a single-window operations facility for investors, similar to Lahore Prime, which was auctioned last year. It will be the first of its sort in Pakistan, with LEED certification and a focus on environmental sustainability, and will provide businesses with a premium mix. -use commercial lands by open auction for ultra-high-rise signature towers, mixed-use complexes, finance towers, hospitality hubs, or any prospective business centers.
The authorities are currently finalizing the groundwork for the Lahore Downtown auction and will soon publish the reserve price for these premium commercial properties. Imran Amin, Chief Executive Officer of the LCBDDA, highlighted the significance of projects like Pakistan’s Central Commercial District for the regeneration of dead capital, urban revitalization through sustainable vertical growth, and the creation of jobs and business possibilities. He said, “The project is estimated to create Rs1,500 billion in revenue. The success of the second phase, the Lahore Downtown, is something we are looking forward to”.
The LCBDDA has come up with great ideas for the benefit of citizens all around the CBD Punjab through its “Smart City Mission.” The LCBDDA will help their clients with frequent issues such as paying their dues on time, getting building designs approved, starting their respective marketing and sales, taking possession, and any other pertinent concerns they may have.