LAHORE, Sept 4: The Lahore Development Authority (LDA) will establish a Finance and Trade Centre on 140 acres near Expo Centre in Johar Town, says a press release.The site has been selected because of its proximity to Motorway and southern bypass.

The LDA has allocated Rs500 million in the current budget for the construction of roads and improvement of basic infrastructure in the area. Besides corporate offices and an information technology tower, the hub will have a superstore on 90 kanals, a five-star hotel on 114 kanals, a bank square on 69 kanals, a health club on 27 kanals, a hospital on 25 kanals, a mosque on five kanals, a 75 kanal recreation area, a parking lot and a mini-golf club on 32 kanals and a park with a lake on 42 kanals.

About 40 kanals have been reserved for multi-storey apartments, eight kanals for a service area and 388 kanals for roads.

Plots in the finance and trade centre will be sold through an auction and in the first phase, the auction of plots reserved for a five star hotel and an international superstore will be held on Sept 10.

The LDA has also decided to relax building bye-laws for encouraging construction of high rise buildings in the Finance and Trade Centre. Work on the project will be initiated after a subsoil survey of the site and getting an no-objection certificate from the Civil Aviation Authority.

The press release said under the prevalent building regulations four basements could be built on a plot measuring more than four kanals. At the new centre five basements will be allowed.