News

Check out market updates

LDA dispels reports about stay order against Liberty Plaza

LAHORE – The Lahore Development Authority (LDA) on Sunday dispelled reports about stay order against the construction of Liberty Park & Ride Plaza. LDA Legal Advisor Waqar A Sheikh said that no stay order has been granted by any court against construction of the plaza.

He said that all arrangements have been finalised and auction of shops will be held on Wednesday, April 6, according to the revised schedule in wake of public interest in the cricket World Cup matches. Sheikh said that certain elements were trying to “hoodwink” the public for their personal interests in an attempt to deprive the people of Lahore from a parking facility of international standards.

The LDA legal advisor said that around 26 shops at the lower ground floor, space for a restaurant at the first floor of the plaza on Gulberg’s Main Boulevard will be sold through an open auction. Around 13 ground floor shops had already been sold for Rs 211.45 million against the reserve price of Rs 185.3 million in an open auction on January 26.

People interested in taking part in the auction will have to deposit reserve price of Rs 1 million for each shop and Rs 3.5 million for the restaurant in cash or through a pay order in the name of LDA, either with any branch or booth of the Bank of Punjab set up at the site. The auction will start at 10am by an LDA committee in presence of media representatives to make the process transparent.

Services of Messrs Collier International have been acquired for marketing. Spreading over three kanals, the 11-floor structure adjacent to the United Christian Hospital has been constructed at a cost of Rs 677 million in one and a half years time and has a capacity of providing parking facility to 308 cars at a time. Around 80 shops have been built in the plaza’s basement, ground and first floor, along with two restaurants on the first floor and at the rooftop.

The plaza also offers facilities for handicapped visitors by providing space for their vehicles close to the stairs and elevator cores, having a direct path to key movement patterns of the garage.

Discuss, analyse & share your views (kindly avoid sharing your email & contact number for your safety)