LAHORE - Lahore Development Authority has decided not to extend deadline for depositing first installment of development charges for plots in LDA City Phase-I of June 15, 2020.
Plot owners in the scheme have been advised to pay the amount by above mentioned date, otherwise, mark-up to 17.50 percent per annum would be charged on late payment. Last date for depositing charges had initially been fixed as April 7, 2020 by the LDA but due to the prevailing situation of Covid-19 pandemic, the time limit had been extended three times for the convenience of plot holders. The authority has now decided not to extend the cut-off date any further and called upon the plot owners in LDA City for paying the amount on or before the deadline to avoid mark-up on late payments.
The LDA had already been charging half of the actual development charges from file-holders.
It has warned that late payment of development charges could result in slowing down of the ongoing development works which were being presently executed in LDA City phase -1, escalation in cost of development of road network and other infrastructure in the scheme as well as delay in handing over possession of plots to the owners.
The LDA has informed that development charges for plots of LDA City could be deposited in quarterly installments over a period of two years as per decision of the authority.
The LDA further informed that transfer of plots of LDA City had also been started but no plot could be transferred from the seller to the purchaser in LDA record without clearance of pending dues.