LAHORE (PR): LDA will soon hold open auction of four plots, reserved for setting up a new bank square in the provincial metropolis, at Finance and Trade Centre, Johar Town, Lahore.

For apprising authorized representatives of national and multi-national banks of the potential and scope of the Finance and Trade Centre, a briefing session will shortly be arranged by LDA. A chunk of 69 kanals land, subdivided into four plots measuring from 10 to 30 kanals, has been allocated for establishing a bank square in this first ever planned business hub of Punjab, spreading over an area of 1,123 kanals in Johar Town near Expo Centre. 

A Super Store Plot measuring 90 kanals and Five Star Hotel Site measuring 118 Kanals, situated in this centre, have already been auctioned by LDA, generating a sum of Rs 3 billion for executing different development projects in the city. Construction work was also underway on these two plots.

LDA has planned this business district as per international standards. It is located close to Lahore Canal, Motorway, Southern Bypass, Multan Road, Rai Wind Road and other major intercity roads for facilitating easy movement of business community from other cities.

Besides a superstore, a five star hotel and bank square, plots have also been earmarked for establishing corporate offices and IT Tower, a health club on 27 kanals, a hospital on 25 kanals, a mosque on five kanals, recreation area on 75 kanals, parking and mini golf club on 32 kanals as well as 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.

 Lahore Development Authority has also relaxed building bylaws for encouraging construction of high rise buildings in the Finance and Trade Centre. Five basements would be allowed on a plot measuring more than four kanals  at the new centre, unlike the previous bylaws where four basements could be built. The mandatory open side space on a plot measuring more than 20 kanals will be 15 feet compared to 20 feet elsewhere. No-limit height has been proposed for high-rise buildings to be constructed in the area, subject to permission by the Civil Aviation Authority.