This Lane was named after a British pharmacist, William Lambert who came to kashmir to sell english medicines for british troops. In a large building at the present location of Pamposh hotel housed Lambert Pharmaceuticals Agency which invited not only Britishers but also local customers. The availability of quality medicines of all types gave the pharmacy brisk business. Even after the end of the British rule, the pharmacy continued to function from the same building till 1950s.
In 1950 Lambert sold his shop to one Kashmiri merchant who then converted this shop into Handicrafts shop. But then Bakshi's were very powerful in Kashmir, BBC(Bakshi Brothers Corporation) cancelled his lease and merged that piece of land with other nearby big plot, and constructed today's ''Pamposh Hotel''.
This lane which initially had few shops is now growing as leading shopping spot in Srinagar.