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Sunday, November 26, 2023

Lahore Prime auction rakes in a massive RS 21.8 billion

Lahore Prime sold 5 mega plots, raking in a massive amount of Rs. 21.8 billion. On the occasion, CM of Punjab Usman Buzdar expressed appreciation of such projects as they will contribute to the economy. However, the construction of such high-rise buildings contributes to pollution in Lahore, which is already notorious for its low air quality.

“Lahore Prime” a project by Lahore Central Business District Development Authority (LCBDDA) held a grand auction of 5 prime plots. The open auction was a success as it generated a mammoth amount of Rs. 21.8 billion.

Bidders from national and international leading investment groups and developers participated in the auction process.

Overall thirteen bidders took part in the auction. Nova City Developers and Bayraktar Insaat (a Turkish Real Estate giant) won Lahore Prime 1. Lahore Prime 2 was won by AEC, Lahore Prime 3 by M Abbas Khan. Lastly, Pakistan Corporate Consortium picked Lahore Prime 4 and 5.

Read more: Looking back at the Lahore Development Authority Act of 1975


Speaking on the occasion, Chief Minister of Punjab, Usman Buzdar said activities like Lahore Prime are helpful as they contribute to the economy.

“I am overwhelmed to announce about the successful auction event that LCBDDA aimed to provide to the people with an appropriate ecosystem and infrastructure supporting the livelihood of city dwellers,” Usman Buzdar said.

“Undoubtedly, the activities like Lahore Prime contribute to the alleviation of business and economy,” he further added.

Read more: Matiari-Lahore transmission line to boost Pakistan economy: China

Mega construction in Lahore: Good for the environment?

After Karachi, Lahore is a hub of urbanization. With massive projects underway, the government will soon reform Lahore.

To clarify, there are many projects currently under construction in Lahore. The ongoing projects include remodeling of junctions, Lahore Development Authority (LDA) City.

However, it is important to note that such massive construction increases pollution. Lahore is already notorious for its polluted air.

According to air pollution data released by the US Air Quality Index (AQI), Lahore ranks as the most polluted city in the world.

Moreover, the US Environmental Protection Agency (EPA) classifies Lahore’s air as “hazardous.” In short, this is due to Lahore’s AQI falling in the range of 301 and higher. To sum up, EPA regards air quality as satisfactory if the AQI is under 50.

However, to fight climate change, PM Khan inaugurated the largest Miyawaki forest in Lahore. The forest aims to create carbon sinks and better combat pollution in the city.

Read more: PM Khan to inaugurate world’s largest Miyawaki forest in Lahore