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Wednesday July 17, 2024

CBD transfers Rs6.9bn 23-kanal plot to PCC

By Our Correspondent
July 03, 2024
The screenshot of a Facebook video released on Dec 29, 2023, shows the CBD sign erected while Captain Karnal Sher Khan Shaheed Flyover was being inaugurated in Lahore. — Facebook/CBDPunjab
The screenshot of a Facebook video released on Dec 29, 2023, shows the CBD sign erected while Captain Karnal Sher Khan Shaheed Flyover was being inaugurated in Lahore. — Facebook/CBDPunjab

LAHORE:Central Business District Punjab (CBD Punjab) has successfully completed the fastest land transfer in its history, closing a transaction worth Rs6.9billion for plots Lahore Prime 4 & 5.

Taxes deposited for this transfer exceeded Rs310million to the government treasury through the Board of Revenue (BoR), marking the largest plot transfer at auction price in Punjab. This significant transfer, involving a 23-kanal plot owned by the Pakistan Corporate Consortium REIT fund, is a milestone for both CBD Punjab and the Pakistan Corporate Consortium (PCC).

It represents the first plot to be transferred by CBD Punjab to PCC, with the BoR recording its largest transfer fee on a single purchase for the year 2023-2024. In a groundbreaking move to boost investor confidence and streamline business operations, CBD Punjab has fulfilled its promise of transferring land to investors within record 24 hours of full payment. This achievement underscores CBD Punjab's dedication to creating an efficient, investor-friendly environment.

CBD Punjab has committed to providing a one-window operation for its investors, simplifying processes and ensuring a hassle-free experience. Demonstrating this commitment, CBD Punjab recently completed the transfer of ownership for two amalgamated plots in Lahore Prime CBD Punjab Quaid District to the Pakistan Corporate Consortium (PCC) following their full payment. PCC emerged victorious in the competitive auction for these plots, marking a significant milestone in their investment journey.

Commenting on the swift transfer process, CEO CBD Punjab Imran Amin said, ‘This achievement reflects our unwavering commitment to providing our investors with the best possible experience.

‘At CBD Punjab, we believe in creating an environment where investors can thrive and contribute to the economic development of the region. Our one-window operation is designed to make the process as smooth and efficient as possible, and we are proud to see it in action.’ With the land transfer completed, the next phase of development is set to commence. CBD Punjab will provide full support in building design and other formalities required for the construction of its first skyscraper.

This landmark project is expected to set new standards in urban development and further reinforce CBD Punjab's position as a premier investment destination, he said.