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LDA rejects Ride Plaza stay rumours

LAHORE – No stay order has been granted by any court against the construction of Liberty Park & Ride Plaza and rumours in this regard are totally unfounded, said LDA’s Legal Adviser Waqar A. Sheikh on Sunday. According to Mr Sheikh, all arrangements have been finalised for auction of the shops on April 6 as per the revised schedule “in the wake of public interest in the cricket World Cup matches.”

The legal adviser however alleged that certain elements were trying to hoodwink the public for their personal interests. “They want to deprive the people of Lahore from this parking facility of international standard.”

Waqar A. Sheikh further informed that as many as 26 shops at the lower ground floor, besides the space for a restaurant at the first floor of the Park and Ride Plaza, on Gulberg`s Main Boulevard, would be sold through open auction. “Some 13 ground floor shops at the plaza have already been sold for Rs 211.45 million against the reserve price of Rs 185.3 million in the open auction held on Jan 26. Those interested in taking part in the forthcoming auction will have to deposit reserve price of Rs1 million for each shop and Rs3.5 million for restaurant in cash or through pay order in the name of Lahore Development Authority.”

The auction proceedings, said Mr Sheikh, would start at 10am by an LDA committee in the 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 Rs677 million in one-and-a-half years time and has a capacity of providing parking facility to 308 cars at a time. As many as 80 shops have been built in the plaza`s basement, ground and first floor. The plaza also offers facilities for the 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.

LDA rejects Ride Plaza stay rumours
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LDA rejects Ride Plaza stay rumours
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Atif Iqbal from eProperty®