LDA will auction commercial and residential land to generate revenue
News sources said on October 3 that the Lahore Development Authority (LDA) will sell its commercial and residential plots in different societies to raise money for development projects.
Tomorrow, October 5, the auction will be held at the LDA Community Center in New Garden Town. Sources say that the LDA wants to sell the plots it owns in Model Town Extension, Tajpura, Johar Town, Sabzazar, and Jubilee Town. All plots will be sold at a public auction run by the LDA auction committee, so that everyone can see what’s going on. The authority will also put the right to rent the Marquee at the Finance and Trade Center in Johar Town up for auction.
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The LDA’s governing body has recently decided to make new rules for how to classify land in different societies. After the change, the sales of plots will bring in PKR 50 billion for LDA. Also, societies will have to build civic centers and commercial marketplaces to make it easier to do business and make more money.