Lahore Ring Road Update and Its Affects on Property Market
The Lahore Ring Road (LRR) remain a controversial debate since long. The Lahore Ring Road is not merely significant for its economic impact, but its potential impacts on Property/ Real Estate Business are momentous. The Lahore Ring Road encircles the Lahore city over 85 KM circumference. Frontier Work Organization (FWO) is the executor of the project in association with Government of Punjab (GOP) under public-partnership mode on build-operate-transfer (BOT) basis. According to the news circulated by Shahid Rehman, Director (Admin and Finance) at LRRA, the project has estimated the cost of PKR 4.25bn including equity from the Government. However, the toll rates revision and decisions continually change each year or when required.
LRR Development Status
In 1992, the Government conceived Lahore Ring Road project estimating 177 KM length at the cost of PKR 117 Billion. Due to political instability and other reasons, the project is still under completion. As the project is one of the mega projects in terms of the development of infrastructure for transportation, it has significant economic impacts due to which the progress of the project is slow. The slow progress of project faces the criticism of lacking professional capability, the managerial inefficiency of keeping strict check and balance and other political tensions are the reason behind project delay and increasing costs.
The route of Lahore Ring Road starts from Babu Sabu and stretches to Thokar Niaz Baig via Saggian Interchange, Niazi Chowk, Mehmood Booti cutting through GT-Road to Canal Bank, Harbanspura Interchange, Barki Road, Abdullah Gul Interchange, Allama Iqbal International Airport, Ghazi Road, DHA Phase V & VII, Sui Gas Society, Ferozepur Road, to Hdira Drain (South) to Halloki, and Bahria Town.
The northern loop of Lahore Ring Road is 95% complete while Government was busy in the acquisition of land for completion of the Southern loop. The Southern loop has three sections i.e. S1, S2, S3. The Chairman LRRA also confirms that 34% of S1 and S2 are complete, whereas the S3 is in progress. The S3 loop is a linkage between Adda Plot (Raiwand Road) and Multan Road with 8Kms length.
Conflicts with Bahria Town Lahore
With the progress of Southern Loop, the conflict between Bahria Town and Lahore Ring Road Authority has gained the focus of news and media. The updates of Southern Loop of Ring Road have immense pressure on Bahria Town to clear the land coming under the Ring Road. On the other end, Bahria Town has planned Sector-F at the place where LRR is cutting the town. While Bahria has already allotted plot files, concerns of affectees of Sector F are covering the news and media. While Bahria Town is at the losing ends, the progress of Lahore Ring Road continues to completion of southern loop.
Positive Impacts of LRR on Lahore’s Property Market
As reviewed by Chief Minister Punjab, Muhammad Shahbaz Sharif, the completion of Southern-loop will not only increase the economic activity creating multiple job opportunities but also improves transportation facilities and social lives. In addition, the property marketers and investors are at far-reaching benefits. Lahore Ring Road joins links with the major developed societies of Lahore i.e. Bahria Town, DHA, Eden Park linking end-to-end with Lahore Wildlife Park, Eden Gardens, State Life Housing Society, Sui Gas Housing Society, Khayaban-e- Amin, Fazaia Housing Scheme AWT Scheme, and Lake City. Property Market anticipates the potential rise in property buying and selling in these areas due to ease of transportation, safety and development opportunities that facilitates investors looking for a high return and profitable investment opportunities in residential and commercial areas.
In sum, LRR has potential influences on the overall economic development while associates some negative influences due to political tussle such as Sector-F, Bahria Town News (Please Check Update For Sector F Affectees in Bahria town ). Concerning the recovery of costs of the project, it will recover in coming 25 years according to words of Shahid Rehman, Director (Admin and Finance) at LRRA.
For Best Investment Options Please Always Contact: Universal Property Network (UPN)