LAHORE DIVISION

Lahore: [Riaz Hussain Re News Pakistan] A major development has emerged for Lahore’s real estate market, particularly in DHA, as the Federal Board of Revenue has issued a notification and released new rates after a significant reduction in FBR property valuations. The move is expected to generate a positive response in the market. According to Chaudhry Touqeer Asif, Director Information of the DHA Estate Agents Association, the reduction in FBR rates will further decrease property transfer costs. As a result, new investment, buying and selling activity, and overall real estate business are expected to improve. He said that after the abolition of Section 7E, the reduction in FBR rates is another welcome step toward restoring confidence in the property sector. According to him, the decision will not only provide relief to buyers and investors but will also help revive stalled transactions in the market. It was further stated that implementation of the new FBR rates has already begun in DHA, a move being viewed by the real estate community as a positive development. Experts believe that if the reduction in taxes and transfer costs continues, property market activity could increase further in the coming days.

Lahore: [ReNews Pakistan] The Lahore Development Authority has generated more than Rs 2.11 billion through an open auction of residential and commercial plots held at Expo Centre Johar Town. According to details, the auction included 58 residential and commercial properties located in different LDA controlled areas of Lahore. The properties offered for bidding included education sites, hospital sites, commercial plots, petrol pump sites, marquee sites and commercial buildings. The auction attracted strong interest from investors and business groups, particularly for petrol pump sites and commercial properties situated in prime locations. Among the major transactions, leasehold rights of Plot No 1 B at the Finance and Trade Centre Johar Town petrol pump site were auctioned for Rs 184.5 million. Another petrol pump site in Avenue One Block B received a bid of Rs 85.5 million. Similarly, Plot No 29 at Civic Centre Quaid e Azam Town, designated as a petrol pump site, was auctioned for Rs 66 million. Plot No C62 to C73 in Block B 3 Gujjarpura also attracted a significant bid of Rs 67.5 million. Marquee sites at the Finance and Trade Centre Johar Town also received notable interest during the auction. Leasehold rights of Plot No 7 A were auctioned at an annual rent of Rs 46.5 million, while Plot No 7 B fetched an annual rent of Rs 43.5 million. Among commercial plots, Plot No 24 in Commercial Zone Avenue One was auctioned for Rs 53 million. Commercial plots located in Jubilee Town, Allama Iqbal Town, Sabzazar, Mustafa Town, LDA City, Johar Town and Tajpura also received major bids. Officials said the auction reflected continued investor confidence in Lahore’s real estate and commercial property market. The revenue generated through the auction is expected to support the authority’s development and urban management initiatives across the city.

Lahore, Baku | ReNews Pakistan Punjab Chief Minister Maryam Nawaz Sharif inaugurated the Punjab Pavilion during the World Urban Forum held in Baku, the capital of Azerbaijan, where the Punjab government’s affordable urban housing project, ‘Apni Chhat, Apna Ghar’, received significant international recognition. Chief Minister Maryam Nawaz Sharif made a detailed visit to the Punjab Pavilion set up at the Urban Expo and inspected various stalls. On the occasion, DG PHATA Zeeshan Sikandar briefed the Chief Minister on the ‘Apni Chhat, Apna Ghar’ programme and shared details regarding the project’s progress, dashboard, construction phases and beneficiaries. Chief Minister Maryam Nawaz Sharif expressed pleasure over seeing the ‘Apni Chhat, Apna Ghar’ programme secure a prominent position in World Innovation. She also took a live virtual tour of the programme through AI gadgets, watched a construction documentary story and reviewed the project dashboard. At the Punjab Pavilion, Chief Minister Maryam Nawaz Sharif briefed foreign participants, global delegations and media representatives on the success of Punjab’s affordable urban housing project. She said the ‘Apni Chhat, Apna Ghar’ programme was very close to her heart, as it was providing loans to the people of Punjab without discrimination to help them build their own homes. According to the Chief Minister, 600 to 700 houses are being constructed daily under the project, while more than 100,000 homes have been completed in just one year. She said the programme is a practical step towards providing dignified housing to low income and middle class citizens. A documentary film on the ‘Apni Chhat, Apna Ghar’ programme was also screened at the Punjab Pavilion, highlighting the happiness and satisfaction of citizens who benefited from the project. Foreign guests and international media appreciated the documentary and paid tribute to Chief Minister Maryam Nawaz Sharif for her public welfare initiatives. International media, global delegations and representatives from various countries participated actively in the opening ceremony. Participants praised Chief Minister Maryam Nawaz Sharif’s vision, the Punjab government’s housing initiatives and the rapid progress of the project. At the World Urban Forum, the Punjab Pavilion remained a major centre of attention for delegates from around the world, while international media described the record pace of the ‘Apni Chhat, Apna Ghar’ programme as a role model for developing countries.