LAHORE, Oct 1: The City District Government will wind up all the private bus stands along Bund Road after the completion of the proposed Multan Road General Bus Stand.

The CDG will also provide guarantee for the loan to be procured for the development of the proposed bus stand by the private investors.

The assurances was given to the seven private investors shortlisted by the CDG to bid for the development of the proposed bus stand on build operate and transfer (BOT) basis.

The prospective investors were informed that the CDG would only stand guarantee for the loan to be procured for the development of the bus stand on its land. It would not transfer its title to the investors for the purpose.

The CDG has proposed to take 40 per cent share from the bus stand income and allow the investor to retain the remaining 60 per cent for the agreed period to recover investment with profit.

It proposes to allow the investors to operate bus stand for 15 years or more with mutual agreement. The CDG would also acquire 160 kanals for the bus stand besides building flyover to link it with the motorway.

The intending investors will be invited to bid for the development of the new bus stand in case they are satisfied with the CDG clarifications. They might also seek further assurances for the security of investment because they are concerned about the protection of their investment after a change in the government.

The CDG plans to develop the defunct Punjab Road Transport Corporation Depot on Multan Road into a general bus stand for the public transport, operating between the provincial metropolis and the southern Punjab, at a cost of Rs400 million.

It would acquire 160 kanals adjacent to the 240 kanal bus depot to make a 400 kanals area available for the proposed bus stand.

The new bus stand will have facilities for 4,000 buses and coaches. As many as 50 bays are proposed to be built for the departure of the buses and coaches and parking facilities for 340 buses and coaches.

Separate area will be specified for the off-loading of passengers by the buses and coaches arriving in the provincial metropolis from other cities.

The new bus stand will have a terminal for urban bus service, taxi stand, restaurants and waiting rooms for the passengers and the bus drivers. A police post, the motorvehicle examiner’s office for issuing fitness certificates for the buses, first-aid post and fire brigade station, petrol pump, service stations and workshops will also be built.