Shortage of funds halts flyover projects

[Lahore_Real_Estate]

LAHORE - The City District Government Lahore has failed to arrange sufficient funds for the construction of mega project of ‘Canal Flyovers’ due to severe financial crunch, despite Punjab Chief Minister Shahbaz Sharif laid foundation stone previous month, sources informed TheNation.
The sources further said that under pressure of the provincial government, the CDG authorities are thinking to sale some of assets of district government for this purpose. The authorities are hopeful that they would arrange required amount before the completion of the flyovers and before date of release of funds to the construction company, they added.
However, the CDG authorities could arrange only one Rs 1 billion for the project so far, with the help of Lahore Development Authority, which arranged such a huge amount after auctioning a piece of land of superstore, situated in proposed Expo Centre Johar Town as per the promise made by LDA Director General. The remaining amount of about two billion rupees would also be arranged through auction of other plots, the added.
The sources further informed that District Coordination Officer Ahad Cheema, on the occasion of inauguration of the project, requested the CM that it is difficult for CDGL to arrange such a huge amount of about Rs 3.5 billion, required for the construction of the flyovers on the City Canal. However, LDA DG Abdul Jabbar Shaheen promised the government that Lahore Development Authority would provide about Rs 2 billion for the purpose.
It is pertinent to mention here that Punjab Chief Minister Shahbaz Sharif has said that Ferozepur Road is one of the most important roads of the city from which hundreds of vehicles pass daily and two flyovers will be constructed on Wahdat Road junction, announcing that the City District Government would provided funds for this project.
He further said on the occasion that a project has been evolved for the construction of canal flyover at Ferozepur Road and its implementation will not only help make this road a signal-free corridor but also streamline traffic coming from all sides of the city. He said that the Canal Flyover Project would be completed by March 20, 2012 by working round the clock and formally be inaugurated on March 23. He said that CDGL is providing funds for this project which is a milestone in its history.
The Chief Minister said that the basic purpose of laying a network of roads and bridges in the provincial metropolis is to streamline the flow of traffic and provide relief to the people. He said that the estimated cost of the construction of canal flyover is Rs 3.5 billion while it will result in a saving of Rs.2.8 billion annually in the travel cost after its completion.