LAHORE: Contrary to speculations, Lahore’s Central Business District (CBD) is not in the process of acquiring land from the closeby private housing societies.
Rumours had been afloat that the CBD’s administration was planning on acquiring land from Askari V Housing Society and Falcon Complex of Air Force Officers Housing Scheme (AFOHS). Contrary to circulating speculations in the real estate market, the authority clarified its operational procedures, emphasising that it does not engage in direct land acquisitions.
The CBD project
The CBD was launched by the Punjab Government last year to develop commercial real-estate in Punjab. The ethos behind the project was to use unused government land to develop a district within Lahore where commercial and residential real estate projects could be developed.
A major avenue for the project was dead in the centre of Lahore, where the CBD knocked down the old Walton Airport (the area located between the entrance towards Model Town and the Falcon Enclave) and handed it over to real estate developers to make both commercial and residential high-rise real estate.
This is important. The CBD in all of its phases is only supposed to use land that the government already owns. Which is why the idea that they would be acquiringh Askari V land or Falcon Complex land would not add up legally.
So why the rumours?
Askari V and Falcon Complex are right next to CBD’s main project. Both are army initiatives and privately owned societies. Because of their proximity to the project, it would make sense for the CBD to buy plots of land from these societies.
That is why rumours had suggested that CBD Punjab was undertaking development projects in areas under its jurisdiction, thereby incorporating nearby housing societies like Askari V and Falcon Complex. Further, there were specific claims about potential land acquisition in Askari 5 housing society and a green area near AFOHS’s Gate 1.
Both of these residential societies are high end real estate. According to one CBD insider, property dealers in the region had floated the rumour themselves. They did so allegedly to raise the value of plots in these societies. The same source said that despite the construction of underpasses and bridges in the CBD area, the authority’s policy does not involve direct land purchases. The source explained that individuals frequently approach the CBD office with land sale offers, mistakenly believing the authority purchases land at elevated rates.
Recently, two individuals approached the CBD office with proposals to sell land near Askari V. However, they were informed of the authority’s non-involvement in direct land transactions and the government’s role in land acquisitions at DC rates.
Muhammad Omer, Executive Director of CBD, confirmed these occurrences, reiterating the authority’s adherence to land acquisition rules set by the Punjab government. He labelled the rumours about Askari 5 and Falcon Society as baseless, highlighting the residential nature of these areas and the ownership rights of the residents.
