The Lahore Development Authority (LDA) has officially announced the second phase of its commercial property auction, scheduled for December 10 at the Expo Centre in Johar Town. This significant event will offer investors and business owners the opportunity to acquire prime commercial spaces in two key locations.
Auction Details and Schedule
The auction will commence at 10:00 AM on December 10, 2023, at the Expo Centre in Johar Town. This phase follows the successful first auction where 35 plots were sold, demonstrating strong market interest in these commercial properties.
The available properties include 29 commercial plots in Jinnah Market, Quaid-e-Azam Town, and 9 commercial plots in the Child Welfare Centre. These spaces represent valuable investment opportunities in developing commercial areas of Lahore.
Development Progress and Historical Significance
The LDA has reported that 90 percent of the development work for Jinnah Market Township has been completed, marking a significant transformation for an area that had been encroached upon for three decades. What was once an illegally occupied space has now been converted into a fully developed commercial market.
This redevelopment represents a major achievement in urban planning and property regularization in Lahore. The transformation from an encroached area to a modern commercial hub demonstrates LDA's commitment to proper urban development.
Incentives for Potential Buyers
To encourage participation and support business owners, the LDA has waived fees related to arcade exemptions and map approvals for the successful bidders of Jinnah Market shops. This move significantly reduces the initial investment burden and simplifies the process for new shopkeepers.
The authority's decision to remove these fees reflects their commitment to facilitating business growth and ensuring the commercial success of the newly developed market area.
This auction presents a unique opportunity for investors and entrepreneurs to secure commercial spaces in a strategically developed market with modern infrastructure and LDA backing. The completed development work ensures that successful bidders can quickly establish their businesses without facing typical construction delays.
