LDA allows annual commercialisation

[Salman]

LDA allows annual commercialisation

LAHORE - Lahore Development Authority has decided to allow annual commercialisation of properties for a period of next ten years till 2024, as part of its business friendly commercialisation policy initiative.
A property seeking annual permission for commercialisation should not be situated on roads/ re-classified zones already approved for permanent commercialisation. No Objection Certificates from adjoining (left, right and rear side) neighbours, consenting to the commercial use of the property, must be provided and the same are to be renewed before changing the nature of the commercial use of the property.
No structural changes shall be allowed in the buildings after grant of temporary/ annual commercialisation permission. It shall not be allowed for hazardous industries, chemical storages and usages involving sources of noise and pollution.
Annual Commercialisation permission would be renewable on yearly basis. Commercialisation fee will be charged annually at the rate of 1.25 percent of the commercial value of the property which would be payable in lump sum or in two equal installments. Application for annual commercialisation should be addressed to Director Commercialisation, LDA along with copy of the NIC and ownership documents.
Application must also contain NOCs from the adjoining neighbours and a statement mentioning intended commercial use of the premises. Application should also contain a pay order amounting Rs. 5000 towards processing fee of the application. In order to facilitate the applicants, a special desk has been established at One-Window Cell, LDA.
Meanwhile, Lahore Development Authority has informed the general public that Broad Way Commercial, Khayaban-e-Ameen Housing Scheme, was neither approved by LDA nor part of the approved layout plan of the said scheme. People are warned to be careful in sale and purchase of plots in Broad Way Commercial and should verify approval and legal status of a plot before making any agreement.
LDA earns Rs90m against auction of nine plots: A total of nine plots including six commercial and three residential plots were auctioned by Lahore Development Authority against a sum of Rs. 90 million on Monday.
Open auction of commercial plots of Johar Town and Jubilee Town and residential plots of Sabzazar was held at LDA Community Centre, 239-A, New Muslim Town which was participated by 32 bidders who had deposited earnest money in the form of pay orders of requisite amount for this purpose. Tough competition was observed at this occasion as the competitors enthusiastically offered their bids. Per marla base price of these plots had been estimated by the approved Evaluators of the State Bank of Pakistan. Maximum bid was offered for commercial plot No 24, block Civic Centre of Jubilee Town, measuring One Kanal, which was auctioned against a total amount of Rs.36.2 million. Its base price had been fixed as Rs 1.8 million per marla whereas it fetched a price of Rs.1.81 million per marla.
Members of the auction committee of LDA including Director Finance Zaheer Asghar Rana, Directors Estate Management Akbar Nakai, Usman Ghani, Nadeem Abbas Bhangu and Waseem Abbas Director land Development-I Imran Raza Abbasi and other officers supervised the auction proceedings.

http://www.nation.com.pk/business/01-Apr...ialisation