LCBDDA Gets Walton Airport Land on 99 Year Lease
A news source said that the Punjab government has authorized the 99-year lease of Walton Airport’s land to the Lahore Central Business District Development Authority (LCBDDA).
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The authority had formally requested that the lease term be extended from 30 to 99 years. Reportedly, potential bidders for the five commercial plots (which were scheduled to be auctioned on August 4) had expressed reservations about the lease term.
In response to the requested extension of the lease term, a senior LCBDDA official explained that the request was made to clarify the duration of the agreement.
According to the official, the auction of the commercial plots in the former airport complex was delayed because of travel restrictions established in various parts of the country as a result of the Covid-19 virus. Reportedly, the bidders’ approval was required to postpone the auction.
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The provincial government has allotted 122 acres of property at Walton Airport to the LCBDDA for the development of a central business district. According to the official spokeswoman for the authority, the LCBDDA and the government are on the same page with regard to promoting an increase in the national exchequer.
The country’s investment culture will be improved by relocating the old airport infrastructure away from the city center and transforming it into a commercial area. Such actions will aid in the repayment of our foreign loans, according to the spokeswoman.
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