The major construction activities are witnessed in central and facilitated areas of Lahore and the outskirts of the city are forced to maintain a low profile for no good reason. Lahore Development Authority has finally taken notice of it and relaxed the building bylaws for Finance and Trade Centre, Johar Town. The owners of commercial property in the Trade Centre now have no reason to ignore the need of high rise buildings in this supposedly less posh area of Lahore.
The rules of Pakistan real estate are strange, one factor is linked with another in an intrinsic pattern and has the potential to uplift or devalue any potential property. Since the investors have been unable to attract major portion of people to the areas located in the farther section of the city, they are reluctant to construct taller buildings and expensive structures there. This is also a fact that due to this negligence on the part of authorities is making the people of such localities suffer as they are kept denied of the facilities they were once promised.
The situation is expected to get a lot better as LDA is all geared up to reclaim the former glory of properties in Lahore. A sum of Rs. 500 million in LDA's budget is been reserved for this purpose. It will be spent on building new infrastructure in Trade Centre and improving the older one. It has been reported that LDA is to make new building regulation for the place. The subsoil survey of the site is to begin soon and later the application will be sent to Civil Aviation Authority for NOC.
According to these recent building regulations, five basements can be built on a plot bigger than four kanal. And there is no height limit for construction in that particular area. Over 110 kanal of space is reserved in Finance and Trade Centre for a five star hotel and 90 kanal for a superstore. The open auction bidding for these plots is expected to be held on Sep 10, 2011.
Out of the 1123 kanal area of the Trade center, 27 kanal are reserved for a hospital, 32 for mini golf, 69 for a bank square, 5 for a mosque, 27 for health club, 75 on recreational area, 40 kanal for multistory apartments and 42 kanal for are allocated for a park with lake in it. And the remaining area is reserved for roads, service centre, commercial area, LDA tower and corporate offices. Let’s see if these efforts restore the buyer’s confidence in real estate in Pakistan and convince him to make some smart moves.