The government plans to invest PKR 130 million in the Sagian Road

The government plans to invest PKR 130 million in the Sagian Road

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The government plans to invest PKR 130 million in the Sagian Road. For May 28, various news outlets claimed that the provincial government of Punjab plans to invest PKR 130.73 million on the renovation and beautification of the Sagian Road bypass and the Phool Mandi. As part of the project, the points of entry and departure into and around the interchange will be given a facelift.

Read more with EL news: Blue World City Announces Revised Rates for General and Overseas Block 

It has been reported that the government has given a work order for the project to the company that submitted the lowest proposal. The offer of PKR 130.75 million placed by HRD Construction was successful. It is anticipated that the undertaking will be finished within a period of three months. The detailed order specifies that the contractors are to embellish the points of entry and exit by adding artwork, painting the fences along the roadside, and planting trees and shrubs on both sides of the roadway.

Mazhar Hussain, who serves as the Chief Engineer-II for the Lahore Development Authority (LDA), was the one who issued the work order for the project. To continue, in other news. LDA Chief Muhammad Ali Randhawa went to the construction site of the Sagian Road interchange project and looked at the current work being done on the development. It was reported to the chief that the development work, which was estimated to be worth PKR 3.40 billion, had been completed for 55 percent.

 

A road that is 4.4 kilometres long on both sides will be built by the contractor between Ravi Bridge and Phool Mandi Chowk. Additionally, the contractor will build a road that is 1.2 kilometres long between Phool Mandi Chowk and the Lahore Shiekhupura road and 3.1 kilometres long between Phool Mandi Chowk and the Faizpur Interchange. Work on the region’s sewage systems will also be finished, bringing an end to the decades-long water crisis that has plagued the area. In addition, the successful completion of the project would be beneficial for 100,000 vehicles each and every day.

Keep up with Estate Land Marketing for news and updates.

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Blue World City Announces Revised Rates for General and Overseas Block 

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Islamabad’s blue world city has announced the revised rates for its General and Overseas Block. Moreover, no new registration of these blocks will be available from now onwards. And this offer will be valid from June 1 to June 15 2022.

All existing open registration of the general block will be closed now at PKR 1,490,000/- per 5 Marla and above. Whereas the open registering in the market will be closed at PKR 1,20,000/- per 5 Marla only for 15 days after the new rates will be applicable. 

Read more on EL News: CDA will realign Margalla Road to preserve the old graveyards.

The overseas block existing open registration in the market will be closed at the PKR 2,310,000/- per 7 Marla and above w.e.f from June 15 2022. Similarly, the open registering in the market will be closed at PKR 1,925,000/- per 7 Marla and above. 

The Blue world city Islamabad is known for its customer satisfaction. Moreover, the housing scheme is here with yet another exciting news to facilitate its investors. So invest here now to make a long-term asset. 

Keep visiting Estate Land Marketing news for the latest updates. 

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CDA fails to demarcate Margalla Hills National Park property

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CDA fails to begin demarcation of Margalla Hills National Park property despite a court injunction.
Even though the Islamabad High Court (IHC) told the Capital Development Authority (CDA) to do so, the park’s boundaries have not yet been set (MHNP).

On January 11, 2022, the IHC gave the order for the boundaries of MHNP to be set within 60 days. On March 1, CDA Member Planning Naveed Illahi told a five-person committee that the boundary needed to be done. However, sources said that no proper demarcation had been done yet so that a report could be given to the high court.

The notification from March 1 said that the director of environment (regional) of the CDA would be in charge of the committee. The other members would be the additional deputy commissioner revenue ICT, the deputy commissioner CDA, and people from the defence ministry and the Survey of Pakistan.

A copy of the IHC decision says, “The respective secretaries of the Ministry of Defence, Ministry of Interior, and Chairman CDA shall jointly conduct a survey and mark the unharmed area of the notified National Park.”

“The survey and boundary marking must be done within 60 days of this order. “They will make sure that no activity or construction is allowed within the notified National Park, as required by MLR-82, the CDA Ordinance of 1960 and regulations made under it, the Islamabad Wildlife (Protection, Preservation, Conservation, and Management Ordinance of 1979, and the Islamabad Preservation of Landscape Ordinance of 1966,” the judgement said.

IHC Chief Justice Athar Minallah also told the local government on January 11 to close the enormous naval golf course in the Margalla Hills National Park and to tear it down in four weeks if it can’t be used in a way that is good for the environment.

The court also ruled against the military’s claim to more than 8,000 acres of the national park and told the CDA to close the Monal Restaurant, which was built in the park.

It also asked the defence ministry to make sure that the rent money was put into the government’s general fund.

The court told the defence secretary to find out which officials were in charge of building the golf course, and it told the CDA chairman to look into how Monal and other restaurants were built on national parkland.

After the CDA built the Monal Restaurant, it rented it out for 15 years. That lease ended last year. But a few years before the lease was up, the person who had it started paying rent to the military. This was because a notice from 1912 said that the land where Monal was built belonged to the military.

After the IHC order, the CDA and the ICT administration sealed Monal. However, the Supreme Court later told them to open it up.

When contacted by Dawn on Monday, a committee member in charge of drawing the line said that the process had not yet been done.

He did say, though, that the committee had met and would do so again next week.

“Soon, we’ll start a proper demarcation of MHNP,” he said, adding that focal persons had been chosen from all the relevant departments. This meant the distinction wouldn’t take longer than it already had.

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Tomorrow, Zaitoon will unveil a brand new endeavour

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Tomorrow, Zaitoon will introduce a new initiative. Tomorrow, June 1, in a private event, Zaitoon will hold a pre-launch ceremony for its new project, “Zaitoon Lifestyle.” Zaitoon Lifestyle is at the Halloki Interchange of the Lahore Ring Road on Main Jia Bagga Road. The pre-launch event will occur in Lahore’s Pearl Continental Hotel’s Grand Ballroom.

According to the information, the pre-launch ceremony will take place from 5 pm to 10 pm, and the Zameen.com Facebook Live team will cover and broadcast it. There should be a lot of important people from the group and the local real estate world there. During the ceremony, the new project’s plans will be made public. But people in the real estate business are already talking about this new project by a well-known Lahore property group.

Read more with EL news: SECP introduces a digital financing initiative for NBFCs

Zaitoon’s Facebook page says that the ground has already been broken for Zaitoon Lifestyle and that development work has begun. The project, which has already been approved by the Lahore Development Authority (LDA), is likely to be popular in Lahore city.

Tomorrow, a live broadcast will be on the official Facebook page for Zameen.com. You can watch it to find out more about the project. We’ll also keep telling you about the latest changes to Zaitoon, so stay tuned.

Keep up with Estate Land Marketing for news and updates.

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SECP introduces a digital financing initiative for NBFCs

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SECP introduces a digital financing initiative for NBFCs. According to news sources, the Securities and Exchange Commission of Pakistan (SECP) started a Digital Lending project for Non-Banking Finance Companies (NBFCs) on Monday, May 30.

Under the project, NBFCs would be able to finance projects by using remote technologies and computer-aided systems to process loan applications. Under S.R.O.603(I)/2022, the SECP told the government about the project.

Read more with EL news: NHA will dualize the route from Jari Kas junction to Haripur

The SECP says that the initiative would use digital, technology-based, or internet-based channels or tools with little or no human involvement to process loan applications, approvals, payments, and repayments. Here are the things that are said in the notice:

Lending NBFCs must follow the rules that the Commission sets out in a circular for all or a specific type of lending NBFCs, including but not limited to digital lending;
Fair treatment of customers and borrowers, such as coming up with the correct pricing policies and information;
Read: SECP allows NBFCs to give loans through government programmes.
Adequate and correct disclosures to borrowers, customers, and other stakeholders, including but not limited to the products, services, and terms and conditions that apply to them;
Information technology, systems, and information security measures; minimum disclosure requirements for digital applications, websites, and other platforms NBFCs for licenced activities.

Also, the notice emphasised the idea of “Robo Advisor,” which will be a client-facing product that is automated and based on an algorithm, with little or no involvement from a human adviser. A study and evaluation of the market will also use platforms like artificial intelligence (AI).

Keep up with Estate Land Marketing for news and updates.

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