LAHORE, Aug 29: Chief Minister Pervaiz Elahi will inaugurate the development work of the Sundar Industrial Estate here on Monday. The estate is proposed to be developed on 1,500 acres of barren land acquired by the Punjab Industrial Estate Development and Management Company.

The company proposes to develop 660 plots measuring half to five acres in two phases for allotment at the rate of Rs35,000 per acre. It plans to develop 286 plots in the first phase at an estimated cost of Rs1.1 billion. The estate will have all modern amenities.

The company has already received 250 applications for the allotment of plots and will start allotments on Sept 1. It will continue receiving applications and allotting plots till Sept 30.

There will be a ban on resale of plots to eliminate chances of purchase by investors. The company will assume possession of the plots on which no building is raised within a year and refund 95 per cent of the price.