LAHORE, Sept 8: The Lahore Development Authority (LDA) will shortly hold a briefing session to apprise the authorized representatives of national and multi-national banks of the potential and scope of the Finance and Trade Centre (FTC) in Johar Town. The LDA high-ups will not only brief banking professionals about the corporate business but will also invite them formally to participate in the upcoming auction of plots so that they can establish their bank branches there.

The LDA plans to hold an open bidding of four plots reserved for setting up of a new bank square at the FTC, says a spokesman for the LDA.

He says 69 kanals of land has been divided into four plots (10 to 30 kanals) which have been allocated for establishing a bank square in the first-ever planned business hub of Punjab, spreading over an area of 1,123 kanals near the Expo Centre.The LDA has already auctioned a 90kanal plot for a superstore and 118-kanal plot for a five star hotel at the site, generating a sum of Rs3 billion for executing different development projects in the city.

He says the construction work is also underway on both these projects, adding that the LDA has planned the business district as per international standards.

`Since it is located close to the Lahore canal, motorway, southern bypass, Multan Road, Raiwind Road and other major intercity roads it will have an easy access to the traders of other cities.

Specialized facilities for doing different types of businesses have been provided at the FTC for making it a nucleus of commercial activities,` he says.

Besides a superstore, a five star hotel and a bank square, plots have also been earmarked for corporate offices and IT Tower, a health club on 27 kanals, a hos-pital on 25 kanals, a mosque on five kanals, the recreation area on 75 kanals, a parking and a mini-golf club on 32 kanals as well as a park and a lake on 42 kanals.

About 40 kanals have also been reserved for multi-storey apartments, eight kanals for the service area and 388 kanals for roads.

The LDA has also relaxed building bylaws for encouraging construction of high-rise buildings in the FTC.

Five basements will be allowed on a plot of over four kanals at the new centre, unlike the previous bylaws wherein four basements could be built.

The mandatory open side space on a plot of over 20 kanals will be 15 feet compared to 20 feet elsewhere.

No limit for the height has been proposed for high-rise buildings to be constructed in the area, subject to permission by the Civil Aviation Authority, the spokesman says.