Construction of Iqbal Town parking plaza complete

[Salman]

LAHORE: The Lahore Development Authority (LDA) has completed construction of an eight-storey commercial and parking plaza in Moon Market Allama Iqbal Town at a cost of Rs 800 million. The structure would be operational in first quarter of the next year.

The project, aimed at meeting parking needs of the area, was started in February 2012 on the directive of Punjab Chief Minister Shahbaz Sharif.

The LDA had awarded contract for the project to a private contractor in 2012, spending an amount of Rs 550 million last year and earmarking Rs 250 million in budget of the current fiscal year 2013-14.

The commercial and parking plaza would have eight floors. The first and second floors will consist of 67 shops for business activities.

The LDA will sell the shops to the general public through an open auction while the management of parking will be given to a private contractor.

The estimated car parking capacity of the plaza will be more than 400 vehicles at a time.

The plaza will ease parking problems on roads and also be a major source of income for the LDA.

According to an LDA spokesman, the construction of plaza had been completed, adding that only final touches, including electric work, were underway