The Minister for Railways, Azam Khan Swati, has suggested to that the government that Pakistan Railways’ prime land of 570 acres in Mayo Gardens, Lahore may be put to commercial use, reported Express Tribune.
This is likely to be done through a joint venture with the private sector. Minister Swati opined that the area in concern is currently a dead asset being used as obsolete railway workshops that can be developed on the model of the Lahore business district.
He shared these ideas in a high-level meeting last week during which the CEO of the Punjab Central Business District Authority (CBDA) also gave a presentation to the Cabinet on the business district project.
The discussion showed that the proposed project is environmentally and commercially sustainable, and does not require any external financing.
The business district project is aimed at picking commercially feasible lands within the city and then developing them through the JV/PPP model on a revenue-sharing basis with the federal and provincial departments.