LAHORE, June 11: A group of British investors of Pakistani origin will sign an agreement with the City District Government during this month for an investment of over Rs500 million on the operation of CNG-fitted buses on urban and inter-city routes.

Group president Mazhar Kamal Dogar and other members called on District Nazim Mian Amer here on Wednesday, and said they wanted to invest Rs2 billion on starting transport services and construction of commercial, residential and recreational complexes besides installation of petrol pumps in the city.

The Nazim told the investors that the CDG had simplified the procedures for investment. Permission for new petrol pumps and CNG stations was previously given either as political bribe or after getting no objection certificates from 13 federal and provincial government departments. It was now being given on clearance by only four CDG departments, and eight to 10 new cases were being sanctioned every month.

He said a concession had also been allowed to land developers for the construction of multi-storeyed buildings. Charges for commercialization and site plans sanction had been reduced considerably and builders had been allowed to cover more area of plots. They had also been allowed to construct buildings measuring 2.5 times of the plot area on four kanals or larger plots. Maximum height limit for multi-storeyed buildings had been raised from 38 feet to 45 feet with a permission to build four storeys instead of three.

He said the minimum space required behind the buildings had been reduced from 10 feet to seven feet and commercialization fee reduced by 50 per cent. Temporary commercialization facility had also been introduced on an annual basis with a 20 per cent discount on commercialization for three years. — Reporter