As per the news published on Monday, December 20, the Lahore Development Authority (LDA) amended the Land Use Regulation 2020 to wavier land conversion fees for charities.
As per the details, the LDA rejected WAPDA's (Hydroelectric Development Authority) application several times before changing the rules. The authority has filed a conversion fee waiver application along with a trust registration certificate issued by Federal Board Revenue (FBR). The financial authorities are said to have decided to change the regulations in consideration of compliance with FATF (Financial Action Task Force) regulations.
The agency is said to have requested a waiver of Rs 54 million in the WAPDA medical College trust exchange fee for the first time in 2019. However, due to LDA building and zoning regulations, the agency pays an exchange fee and has adequate parking space - and a 9 foot home line on the premises. WAPDA later applied for installment payments and was approved in November 2019. The agency asked to pay a conversion fee in 8 installments of Rs 6.8 million.
During an exchange of university information, it was announced that Abdul Sattar Eddie Road's medical school is under development in Phase II of WAPDA City. The agency has allocated 47 Kanal lands to the Institute.
LDA has also approved similar requests from other charities such as Shaukat Khanum Memorial Cancer Hospital & Research Center and Tehzibul Akhlaq Trust to establish New Aligarh University in Lahore.
Visit the RED REAL ESTATE website to get information about the latest updates.