Lahore: The price of land to be acquired by the Lahore Development Authority (LDA) for the development of structure plan roads has increased by 100%, according to a news source. The LDA has announced a new commercialisation policy to avoid paying such a high amount.
The DC rate of the required 240 kanals of land between Ayub Chowk and Kadir Topbas Chowk is PKR 1.9 billion, while that of the 300-kanal land located along the road leading to the Expo Centre is PKR 1.8 billion. The land in PCSIR Society, Nawab Town and Muhammadpura Village is to be acquired at the market rate of PKR 2.9 billion for the Ayub Chowk structure plan road. The cost of land acquisition in Rasoolpura, Aitcheson Society, Punjab University Society and Nawab Town is estimated at PKR 3.9 billion for the Expo Centre structure plan road.
The LDA has offered property owners to get the status of their land along the planned roads changed to commercial in order to bring the expenses down. The interested owners can submit an application with the LDA before the land award is announced. Reportedly, the LDA has been given the approval for this by the Government of Punjab.