Pakistan Railways joins hands with LDA to earn revenue from its prime properties

LAHORE: The Pakistan Railways (PR) has teamed up with the Lahore Development Authority (LDA) to devise a strategy for generating maximum revenue from its valuable commercial properties in the city, including a prime piece of land located near the Lahore Railway Station. This collaboration was born out of an understanding of the LDA's expertise in marketing and auctioning properties, after a recent meeting between Minister for Railways Hanif Abbasi and LDA Director General Tahir Farooq.

The PR has recently identified two key properties: a 16 kanal parcel of land near the railway station and another spanning roughly 50 kanals on Peeco Road (Maulana Shaukat Ali Road) near Kot Lakhpat Railway Station. The LDA will, however, first draft a business plan for the property near the railway station as a pilot project, with the condition that the railways will transfer the second property to the LDA only if the pilot project proves successful.

Currently, the 16 kanal property houses an old, abandoned building that once served as a rest room for train guards, which will be demolished prior to handing over the land to the LDA. While the decision to charge service fees to the LDA for these services is still pending, it is anticipated that this fee might amount to 10 percent of the total revenue earned by the railways.

Minister for Railways Hanif Abbasi confirmed the development, terming it a cooperation between the two government entities. The LDA DG, Tahir Farooq, stated that his team is actively working on the project and has requested the railways to transfer properties that are free from legal, technical, possession, and administrative issues.