Punjab to establish real estate investment trust

Lahore: It has been decided to legislate for the establishment of Real Estate Investment Trust in Punjab.

A meeting was held under the chairmanship of Chief Minister Punjab Maryam Nawaz in which a detailed briefing was given regarding the projects of Punjab Central Business District (CBD) Authority. Chief Executive Officer (CEO) of CBD Imran Amin presented the review reports about Quaid District, Baab District and Pindi District in the meeting.

Maryam Nawaz was given a detailed briefing about the establishment of Grand Souk Center Lahore on Ferozepur Road, in which it was stated that CBD Grand Central Station will be established at Lahore Kalma Chowk while 600 shops and restaurants will be established in Grand Souk Center. The CBD will build eco-friendly blue roads on Main Boulevard.

During the meeting, it was decided to legislate for the establishment of Real Estate Investment Trust in Punjab, while the progress on the Silicon Cluster in IT City was also reviewed.

Chief Minister Punjab directed to finalize deals with China, South Korea and Arab companies for IT city and to complete year-by-year targets on CBD project and submit progress reports.

In the meeting, it was agreed to establish CBD business centres in eight cities of Punjab, while a proposal to establish a City of Sports in Sialkot was also presented.