Lahore: The Lahore Development Authority (LDA) will auction its commercial and residential plots located in various societies to raise capital for development projects, news sources reported on October 3.
Read: LDA to reclassify housing schemes for revenue generation
The auction will take place tomorrow (October 5) at the LDA Community Center in New Garden Town. According to sources, the LDA plans to auction off its various plots in Model Town Extension, Tajpura, Johar Town, Sabzazar, and Jubilee Town. To ensure transparency, all plots will be auctioned off at a public auction overseen by the LDA auction committee. Furthermore, the authority will also auction off the rental rights to the Marquee at the Finance and Trade Center Johar Town.
Read: LDA floats three design options for Babu Sabu-Band Road rehabilitation
Recently, the LDA governing body decided to form new laws for the classification of land in various societies. After the reclassification, LDA will generate PKR 50 billion from the sales of plots. Moreover, societies will be required to build civic centres and commercial marketplaces to boost business prospects and increase income generation.
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