LAHORE - The Lahore Development Authority (LDA) will soon hold open auction of four plots, reserved for setting up a bank, at the Finance and Trade Centre Johar Town.

A briefing session will be arranged by the LDA for the representatives of national and multinational banks of the potential and scope. 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 1123 kanals near the 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 the LDA, generating a sum of Rs3 billion for executing different development projects in the city. The construction work was also underway on these two plots.

The LDA has planned this work as per international standards. The plot is located close to canal, motorway, southern bypass, Multan Road, Raiwind 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.

The authority has also relaxed building bylaws for encouraging construction of 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.