Lahore: The Lahore Development Authority (LDA) has decided to increase development charges in housing schemes that fall under its administrative control, according to a news source. This measure will help the authority to arrange the required PKR 5.5 billion in funds to complete its pending development projects.
Reportedly, the Government of Punjab has been unable to issue funds for developments projects undertaken by the LDA. This is causing delays to the projects that have already faced several setbacks in the last few years. To solve this issue, the LDA has now decided to arrange for funds on its own.
For this purpose, the authority will auction off its properties and flats, as well as impose development charges in its housing schemes, and retrieve security deposit fees from its contractors. The money collected from these sources will help complete the development work left pending on several LDA projects.
As per the sources within the LDA, the authority expects to collect PKR 2.25 billion via property auctions, PKR 2.49 billion through the imposition of development charges, and PKR 200 million from contractors.