Lahore: The Lahore Development Authority (LDA) has announced its decision to lease a number of its properties to generate more revenue in a bid to tackle the financial crunch caused by the COVID-19 pandemic, a news source reported.
To facilitate this measure, the civic agency plans to amend its bylaws to ensure that more people are able to participate in the auction process. Considering the fact that the allocations from Punjab government are going to be limited, the LDA high officials have decided to lease its properties to generate revenue.
Further, in order to ensure that more people participate in the lease and that properties are leased out for high amounts, the authorities have also decided to amend relevant regulations. For this reason, LDA Governing Body has introduced amendments in Auction Lease Rights Regulations 2019.
According to the new rules, if the annual rent is higher than PKR 10 million the advance payment will be half or higher. In case the annual rent is higher than PKR 10 million, the amount will have to be 1/3rd of the rent.
