LAHORE: The governing body of the Lahore Development Authority (LDA) has sought approval from the Punjab Cabinet to devise a mechanism for allotment of 4,000 apartments to be constructed under phase-I of the LDA City Naya Pakistan project.
In the first meeting of the 2021 held on Tuesday, the body decided to send a summary to Chief Minister Usman Buzdar, making a request to determine the price of a unit, eligibility criteria for buyers and terms and conditions for allotment.
The participants in the meeting, presided over by LDA Vice Chairman SM Imran, approved the draft of the agreement between LDA and the Bank of Punjab for issuance of letter of comfort by the bank to the allottees, extending loan facility to them for purchasing apartments and transfer of amount to the special bank account.
The meeting also approved regulations for opening and operating a special escrow account for the loans being provided by the banks to the allottees for funding construction of these apartments. The funds would not be used for any purpose other than construction of apartments.
The meeting allowed change of the land use on payment of conversion fee under the Land Use Regulations 2020 for launching the area development project at two places in Lahore. The first project would be launched at 88 kanal 14 marla land on the Defense Road while the other would be started on 101 kanal and 18 marla land on the Raiwind Road.
The meeting also decided to allow a 50pc reduction in the amount of fines imposed on an educational institution located in Faisal Town for non-compliance with construction rules to encourage non-profit organisations working for the promotion of education. It also allowed processing of applications for setting up a land sub-division in the settlement area in the light of LDA Private Housing Scheme Rules 2014.
The governing body further approved proceedings for selection of the consultant for preparation of a new master plan for Lahore division.
LWMC: The Lahore Waste Management Company has signed a contract with local contractors for waste management services for three to six months.
Published in Dawn, January 27th, 2021
