It is not wrong to state that Lahore is almost out of land for horizontal stretches and new residential communities boasting larger homes. If we talk about suburbs, all of us must have experienced the expansion’s toll on our agricultural resources, food prices, and the shortage of open spaces. The conversion of fertile lands into the housing schemes has not just deprived us of the natural produces but in most of the cases, the distance from the central city does not qualify these properties as our “dream homes”. Therefore, the future of Lahore real estate lies in the adoption of a vertical construction approach for both residential and commercial real estate sectors.
The government advocates vertical expansion…
Prime Minister Imran Khan has recently emphasized the importance of vertical expansion in all major metropolises of Pakistan. He also stresses the need to adopt the new construction trends to meet future challenges, efficiently. We expect to see revolutionary changes in Lahore real estate market and an increase in the demand for luxury and mid-tier apartments in Lahore.
The Lahore Central Business District Development Authority (LCBDDA) came up with a plan…
The Lahore Central Business District Development Authority (LCBDDA) launched Lahore Prime – near Kalma Chowk, Ferozepur Road, and Main Boulevard Gulberg to highlight investment and business opportunities in Lahore. The special assistant to Chief Minister (SACM) Punjab Hassan Khawar announced to launch of Lahore’s first modern “Lahore Downtown” in Lahore Central Business District (LCBD). After the Downtown’s launch, Lahore’s first Digital and Residential City will also be launched. According to reports Lahore Downtown will be an organized and full-planned project featuring high-rise buildings – to be constructed using modern construction technologies. Commercial entities like banks, the entertainment industry, and retail brands can use these high-rises, according to their needs. The modern mega development will be developed by auctioning seven mixed-use commercial sites, which are present in the CBD Punjab demarcated area. Discussing the future, Executive Director Commercial LCBDDA Mohammad Omer said “Lahore Downtown will be a sign of class and integrity for all by revolutionizing new opportunities in the field of real estate. Apart from bringing domestic & foreign investment, the project will also create new jobs and business opportunities in Punjab.”
The Master Plan…
The Central Business District (CBD) was a brainchild of the current government, and started in the area of the former Walton Airport area, where it included several high rise buildings and residential units. It will be Pakistan’s first smart and ecological development project. The government has established the LCBD with a PKR100 million investment and so far, the government has already generated PKR40 billion through land auctions. The project is expected to touch PKR100 billion in March 2022 and PKR200 billion in March 2023. This business district is expected to generate up to PKR 2,500 billion in revenue for the government. Some of the significant facilities to be provided to the public in Lahore Downtown are blue roads, underground electricity, underground traffic system, tree-lined boulevards, a reliable power source, and the internet of things. To know more about this project and several other developments in Lahore, Islamabad, Karachi, feel free to contact team MAAN ESTATE at +92 (42) 37187730 Cell: +92 (333) 4023007 or email info@maanestate.com.
