Lahore: The Lahore Development Authority (LDA) has decided to auction off its assets located in various parts of the city to raise funds for development projects, news sources reported on November 30.
In this regard, LDA Director General (DG) Amir Ali Ahmad has sought a report from the Housing Directorate within five days. The directorate will provide a comprehensive report on the available assets and their expected sell-off value to ascertain the funds that could be raised through the auction. The Housing Directorate has formed a team of officials to work on the preliminary auction plan. It was revealed that an auction of LDA assets has been recommended to close the fiscal deficit that the authority is experiencing in order to support mega projects in the city. The government has directed the LDA to manage its own resources and to begin any project using its own finances.
It is worth noting that the government has initiated the ‘Naya Lahore’ project, which includes a number of road and underpass developments.