According to an LDA official, out of 231 approved schemes more than 60 were yet to transfer the land. PHOTO: FILE
LAHORE:
The Lahore Development Authority has asked the developers of approved private housing schemes to execute transfer and mortgage deeds for land reserved for roads, streets, parks, playgrounds, graveyards and public utility sites in the authority’s name within three weeks.
According to an LDA official, out of 231 approved schemes more than 60 were yet to transfer the land. The Revenue and the Local Government and Community Development Departments have waived several taxes that the developers were earlier required to pay for transfer of these lands.
The Revenue Department has waived stamp duty, capital value tax and the registration fee. The Local Government and Community Development Department also exempted the developers from one per cent tax levied on transfer of immovable property.
In case of non-compliance, the authority has warned the developers of legal action.
Published in The Express Tribune, March 30th, 2013.
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