Iqbal Town parking plaza ready for businessss

[Salman]

LAHORE: Lahore Development Authority (LDA) has completed the construction of another multi-storey commercial parking plaza in Moon Market Allama Iqbal Town at a cost of almost Rs 800 million.

LDA will offer 20 luxury shops for open auction on various floors of the eight-storey building on December 16. The auction would be held at LDA Community Centre New Muslim Town under the supervision of Auction Committee.

The project had been started in February 2012 on the directions of Punjab Chief Minister Muhammad Shahbaz Sharif with the aim to fulfil the requirements of parking areas near major business centres and to discourage the trend of road side parking.

LDA had handed over the project to a private contractor in 2012 and spent an amount of Rs 800 million which would be recovered through auction of shops and parking lots in the plaza.

The parking plaza after 100 percent completion, will have eight floors including a basement and ground, first and second floors would consist of 67 shops for business activities. LDA will sell the shops to the general public through open auction while the parking facility would be managed by a private contractor. The estimated car parking capacity of this plaza would be more than 500 vehicles and 200 motorbikes at a time. The plaza would reduce parking on roads and also be a major source of income for LDA