LDA City Commercial Plots Available For Investment
The LDA City, a project of the Lahore Development Authority (LDA), has recently launched its commercial plots that are highly lucrative avenues of investment. This housing society is situated on Ferozepur Road, the central jugular vein of the city which connects all the major commercial, residential, and recreational avenues with each other. We now look at the LDA City commercial plots that have been launched and assess their investment potential.
LDA City Commercial Plots
The LDA City commercial plots have been launched in the society’s Jinnah Sector on easy installment plans. The booking period was launched on Aug. 16, 2021, and will last through 15th September, 2021.
Let’s look at the process of application and properties on offer.
Application Process for LDA City Commercial Plots
To cater to a large pool of investors especially during the coronavirus pandemic, the LDA City has launched online application forms. The link for this is available on the LDA Website. The entire application process will not take anyone more than a few minutes to fill and all prospective applicants are only required to submit their CNIC copies and a passport picture to create an account.
Once you create your account, you can submit as many applications as you want. The greater the number of applications, the greater the possibility of getting your name in the ballot. However, please remember that for each application submitted, an application fee has to be paid, which is non-refundable.
Properties On Offer
The following commercial plots are available.
|Size of Plot
|Above 8-Marla up-to 15-Marla
These are the charges that you have to pay per application submitted for balloting. The prices of commercial plots in LDA City are PKR 3.1 million per marla, including development charges, while a 20% down payment is required after the announcement of ballot result, that too within 30 days. If the down payment isn’t made within the mentioned time, then LDA City will automatically withdraw the application.
After the down payment, the remaining amount is to be paid over 48 months. While the second ballot (for the acquisition of plot numbers) will only be held after the applicants have submitted at least 50% of assessed plot value, which comes after the payment of the third instalment.
For people who pay a lump sum amount upfront, a 10% discount will be given. However, if you want a plot with premium features, i.e. overlooking park, or a corner plot, or located on main road (60 feet wide for plots of 5-marla, while 75 feet wide for plots over 5-marlas), the following additional charges will be levied, as a percentage of total value of plot:
- 10% with plot having one premium features
- 15% with plot having two premium features
- 20% with plots having three premium features
After the allotment of plot, the plot owners can transfer the property by paying government taxes and transfer fee which is levied PKR 25,000/marla to the LDA.
For any delays in payment, a penalty of PKR 1,000/day for each day delayed up till a period of 60 days, after which the LDA has the authority to cancel the allotment. The plot owner can ask for re-allotment within 90 days of cancellation by the LDA, after promising that they will submit all pending dues in addition to two advance installments. All of these payments have to be made within the 90-day period. However, if the plot owner does not file for re-allotment within the 90-day period, the LDA will refund the deposited amount after deducting 20%.
Investment Potential of LDA City
It goes without saying LDA City is a secure avenue of investment. The project has completed all formalities of acquiring the required NOCs and its central location is the main reason for its high investment potential.
Ferozepur Road runs parallel to the vibrant city of Lahore and has access to all the main recreational and commercial avenues of the city. This road also has the revered Metro Bus, and modern interconnected infrastructural developments.
If you are looking to invest in commercial properties, this is the project that will give you the best return on investment.
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[Disclaimer: All the information in this blog has been extracted from the official website of the Lahore Development Authority.]