Walton Airport land given on 99-year lease to CBD Punjab

LAHORE: The Lahore Central Business District Development Authority (LCBDDA) also known as Central Business District Punjab (CBD Punjab) has been allocated Walton Airport land by the Punjab government on 99-year lease.

The government of Punjab has compensated 486 acres of state land to CAA. Walton Airport has already been decommissioned due to citizens’ safety hazard in the residential area of Lahore.

The allocated land will be treated based on the available revenue record - 52 acres under the ownership of CAA and 70 acres with the government of Punjab. Revenue-sharing will be based on percentage as per ownership in net profit with the first three years as grace for the development of infrastructure. Shareholding of the government of Punjab will be 57.4pc in line with 70 acres of land while the CAA share will be 42.6 pc of the net profit.