LAHORE: 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 Govt for 99-year lease.

The government of Punjab has compensated 486 acres of state land to Civil Aviation Authority (CAA). Walton Airport has already been decommissioned due to citizen’s safety hazard in residential premises of the city.

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 57.4% in line with 70 acres of land while the CAA share will be 42.6% of net profit. Total land area is 122 acres, said an announcement by the LCBDDA here on Friday.

Copyright Business Recorder, 2021