BoR to finalize Ruda industrial zone land-use conversion rates. According to news reports on August 3, the Punjab government is developing a plan to convert agricultural land included in the Ravi Riverfront Urban Development (RUDA) Project to industrial property.
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Industrialists and landowners would be able to convert their properties from green to industrial under the new policy by paying a conversion fee. The Punjab Board of Revenue (BoR) is developing a formula to make it easier to convert the 7,300 acres of agricultural land that are now used for industrial land. 800 industrial businesses that use designated property will profit from the new law. In addition, RUDA will create an industrial zone in conjunction with the business community after the new policy is put into effect.
The RUDA, which is financed by the federal and provincial governments, is one of the biggest and earliest planned development real estate projects in the nation. The plan aims for building the nation’s first smart city, as well as large buildings and an industrial zone that is environmentally friendly.