Lahore: The Lahore Development Authority (LDA) has decided to acquire a loan from The Bank of Punjab (BOP) to undertake development work in LDA City, news sources reported.
The authority needs between PKR 6 to 9 billion to develop the underdeveloped blocks of the residential schemes. Reportedly, the decision was made during a meeting held to examine the LDA City’s development progress, which was presided over by Vice-Chairman (VC) LDA Naeem-ul-Haq. It was told that the LDA has allocated PKR 5 billion for the development work in the blocks and has scheduled allotment to the file holders.
However, because of the COVID-19 situation and other constraints, the authorities could collect only PKR 2 billion in revenue. Therefore, the loan obtained will be used to complete the mandatory acquisition of remaining lands for LDA City. Moreover, funds are necessary to develop LDA City’s main gate, access road, mosque, and site office. It is important to note that LDA conducted balloting the LDA file holders in September last year. A total of 3,887 file holders were allocated plot numbers. However, several blocks are still incomplete and awaiting development work before possession.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
