LAHORE: The governing body of Lahore Development Authority (LDA) has allowed it to conduct computerised balloting instead of open auction under Section 3 of the Management and Transfer of Properties by Development Authorities Act 2014 for allotment of residential apartments at the Finance and Trade Centre (FTC) in Johar Town.
The decision to allot 72 apartments to people through such balloting was taken in light of past experience that proved that open auction did not yield disposal of 100 per cent units – Park and Ride Plaza at Liberty roundabout and Park and Shop Plaza in Moon Market, Allama Iqbal Town.
Official sources said the governing body allowed the LDA to conduct computerised balloting in a recent meeting, and a special committee these days was finalising the price of each apartment that would be offered to potential allottees.
“For this purpose the committee will also hire services of the state bank’s approved property evaluators,” an official told Dawn on Monday.
According to minutes of the governing body meeting, the authority in its meeting in March last year had approved the terms and conditions of open auction for residential-cum-commercial apartments.
“The past experience of LDA regarding disposal of built up units shows that the ascending/open auction of units does not yield disposal of 100pc units. It would therefore be apt to try another method of disposal -- the ballot for disposal of these apartments under Section 3 of the Management and Transfer of Properties by Development Authorities Act-2014,” read the minutes.
It was further discussed in the meeting that Section 21 empowered the authority to make regulations for carrying out the purposes of the Act. Therefore, these apartments could be selected through a computerised ballot by ‘plot selection committee’ constituted by the director general (DG).
The applications along with processing fee could be submitted to designated banks; the LDA DG may decide the banks. The applications would be scrutinised by a three-member committee to be constituted by the DG, the payment shall be received in instalments and the committee shall submit its recommendations after legal vetting to the DG for approval.
“The applications shall be received in the designated banks along with Rs3,000 as non-refundable processing fee while successful candidates shall have to deposit 20pc of the total price of the apartment as down payment within one month of the ballot.
The ballot shall be held within 45 days of the last date for submission of application and results shall be announced through newspapers and uploaded on LDA’s official website,” the minutes explained the balloting and allotment mechanism.
Moreover, the governing body also approved allotment of a four kanal and six marla plot to Punjab Seed Corporation.
Published in Dawn, September 5th, 2017