LAHORE, March 12: Bund Road Anjuman Tajran has demanded payment of compensation for land, houses and shops, proposed to be acquired for the Ring Road project, at prevailing market rates.

Voicing the demand at a meeting of the traders affected by the construction of Ring Road at Shibli Town here on Saturday, Anjuman chief Chaudhry Zahid Hussain Sera said that the compensation being offered for the acquisition of property was much below the prevailing market rates and not acceptable to the owners.

He said that payment of compensation equal to the prevailing market rate of Rs700,000 per marla for land and Rs500 per square foot for constructed area was necessary to enable the affected people to purchase new property elsewhere.