Lahore: The Lahore Development Authority (LDA) has decided to reclassify land in various housing schemes across the city to increase revenue generation, news sources reported on September 20.
The final decision for the approval of the new policy will be taken by the LDA governing body. As per the new plan, 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. Meanwhile, the LDA will welcome traders and investors to participate in the initiatives.
Furthermore, the housing complexes of Gulberg and Garden Town will be reclassified in the first phase, followed by Allama Iqbal Town, Quaid-e-Azam Town, and Faisal Town in the second phase.
It is vital to note that the LDA has requestedsignificant funding from the government in order to satisfy financial demands and fund ongoing development initiatives. The organisation has also opted to diversify its own resources in order to develop solid and long-term revenue streams. One of the ways the LDA has decided to proceed with their strategy is to reclassify land in various regions of the city.
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