LCBDDA gets Walton Airport land on 99-year lease
LAHORE – The Punjab government has allocated the land of Walton Airport for 99-year lease to Lahore Central Business District Development Authority (LCBDDA) which is also known as Central Business District Punjab (CBD Punjab).
The LCBDDA is set to contribute to the modern urbanisation of Pakistan and to assemble a business community which was never seen before in the country. The LCBDDA is aligned with the government’s vision to encourage business activities in the provincial capital, and these efforts are believed to be helpful in changing the overall culture of business and investment in the country. The Government of Punjab has also compensated 486 acres of state land to the Civil Aviation Authority (CAA). The Walton Airport has already been decommissioned due to citizen’s safety hazards in residential areas of the city.
The allocated land will be treated on the basis of available revenue record–52 acres under the ownership of CAA, and 70 acres with the government of Punjab. Revenue-sharing will be based on percentage as per ownership in net profit with the first three years as grace for the development of infrastructure.
Shareholding of the Government of Punjab will be 57.4pc in line with 70 acres of land while the CAA’s share will be 42.6pc of net profit. Total land area is 122 acres.