LAHORE: The Punjab government has plans to launch commercial projects on three prime locations in Lahore and use the income to be generated from the ventures to develop low-cost housing schemes for the poor in public-private partnership.

A special cabinet committee on promotion of low-cost housing schemes with the fund generation through public-private partnership ventures discussed the projects in a meeting presided over by Additional Chief Secretary Shmail Ahmad Khwaja at Civil Secretariat on Monday.

The meeting discussed the mode of public-private partnership transaction structure, financial viability, cash flow, key financial parameters options and evaluation criteria for pre-qualification.

Urban Sector Planning and Management Services Unit, Punjab, CEO Dr Nasir Javed told the meeting that three land parcels in Lahore were being considered for development of the projects, including commercial plazas and residential apartments.

The land parcels are Lahore Omni Bus Service Depot, Ferozepur Road; Food Godown at Guru Mangat Road, Gulberg and the front area of Road and Research Centre building adjacent to Jinnah Hospital at Canal Road.

The joint venture holding company, to be engaged in the project, will also incorporate a parallel construction project of low-cost housing.

The special cabinet committee, constituted by Chief Minister Shahbaz Sharif, also agreed to take advice from financial, legal and technical consultants apart from conducting real estate market study before sending the project to the chief minister for final approval.

The meeting accorded conceptual approval to the master plan and suggested that Punjab Land Development Company as well as Housing & Urban Development Department would also be involved in the project to materialise low-cost housing schemes in Lahore and its suburbs.

The ACS said the meeting was told that this model would be replicated in other big cities of the province. He said the chief minister had ensured a conducive environment for local as well as foreign investors in the province.

P&D member on Finance Risk Management Unit of Public-Private Partnership Agha Waqar, LDA Director General Zahid Akhtar Zaman, Punjab Land Development Company project director Moazzam Iqbal Sipra and other concerned officials attended the meeting.

Published in Dawn January 17th, 2017