Update: (October 16,2019): As per the latest updates from Lahore Development Authority’s official facebook page, the balloting date for LDA City Lahore has been announced and it will take place on November 30, 2019.
LDA City Lahore is a government initiative and one of the largest housing schemes in Punjab. It is located on main Ferozpur Road, near the famous Lahore Ring Road, about 1.5 km away from the terminal station of the city’s Metro Bus Service. Owing to its ideal location, LDA City drew a lot of attention—and investment—in the city.
Now, there’s good news for investors who had bought plot files in the project following its launch. Balloting for LDA City Lahore is going to take place soon.
Balloting for LDA City Lahore
Recent news reports suggest the governing body for the project is set to allot plots to 9,000 file holders in the balloting for LDA City Lahore. The tentative date for the event is November 30, 2019.
Of the 13,000 kanal land along the Butcher Khana Distributary, near Ferozepur Road, about 11,000 kanal land has been earmarked for the allotment.
At the moment, the development work is underway in an area comprising 6,200 kanal. To speed up the process, three contractors are working in two shifts to meet the deadline set by the Supreme Court. Once the area is developed, the plots would be handed over to the respective plot file holders of LDA City.
Moreover, the LDA has also allocated a whopping PKR 3 billion for the development work in all LDA City projects.
The development work in LDA City Lahore Phase 1 has been divided into seven packages and most of the work is being done in packages 2, 3 and 5. Around PKR 99 crore and 31 lakh are required to develop package 2 of LDA City Lahore.
The video shared below provides an overview of the most recent developments taking place in LDA City Lahore.
Good news for Plot File Holders of LDA City Lahore
For people who were eagerly waiting for the allotment of plot numbers, there is one more reason to celebrate. The Lahore Development Authority has reportedly slashed its development charges—nearly a 50 percent reduction.
For instance, the development charges for a 1 kanal residential plot file in LDA City Lahore was initially PKR 2.5 million. However, thanks to the recent changes, plot file holders, who purchased the 1 kanal plot files from private developers, have to pay PKR 1.25 million. This means if you have bought a plot file for 1 kanal residential plot from private developers, you only need to pay PKR 1.25 million as development charges.
Same is the case with 5 marla and 10 marla plot file holders. For a 10 marla plot file, the development charges of LDA City would amount to PKR 1.675 million. But for those who bought the 10 marla plot file from private developers, the price would be PKR 837,500.
Similarly, the owners of 5 marla plot file holders, who purchased the plot file from private developers, will have to pay only PKR 575,000 instead of PKR 1.15 million.
Development work divided in 7 packages
As per a report published in The News, LDA Chief Engineer Mazhar Hussain Khan stated the development works in the LDA City will be divided into seven packages. Initially, the development work was being carried out under package 5 of the housing project. Moreover, experienced contractors have been hired for packages 2 and 3 and development work has begun in these areas.
Dedicated area for park and mosque earmarked
LDA Director-General Muhammad Usman Moazam has also shared details of the project to The News. He said there is a central park in the layout plan that would be developed on 330 kanal of land. An area has been dedicated to a central mosque in the housing scheme. The central mosque will be built on nearly 16 kanal. A world-class cricket stadium will be built for the visually-impaired people living in LDA City. In addition, there are plans to build a model graveyard and a sports complex, for which the authorities have earmarked a piece of land.
In order to ensure transparency and to safeguard the property rights of all the plot file holders, LDA has provided access to LDA City file status, which you can use to check your records on their official website. This is where you will enter the file number.
Investment in LDA City Lahore
If you are looking to invest in LDA City Lahore, then take a look at the current prices of the plot files available for sale. A 5 marla plot file is up for sale from PKR 14.5 lakh to PKR 18 lakh. For those looking for a 10 marla plot file, you can buy it within the PKR 22 lakh to PKR 30 lakh range. To buy a 1 kanal plot file in LDA City Lahore you need to have a budget of PKR 36-38 lakh.
So, this was the latest update on LDA City Lahore. Do provide us your valuable feedback related to the latest developments in LDA City at email@example.com. To catch more important real estate news, subscribe to Zameen Blog, the best property blog in Pakistan.