Some of the essential procedures are mentioned here that everyone, including overseas Pakistanis, should be aware of.
Table of Contents
- The process of transferring the plot
- Building plan approval.
- No Objection Letter Issuance
- Request for CVT and Stamp Duty
- The process of commercialization
The Lahore Development Authority is one of the most vital real estate authorities in Punjab Province and deals within Lahore. LDA always works on various projects in the real estate industry of Lahore and invests for the benefit of people. Whether you want to change your property’s ownership or register your property, the LDA is the only institution that can assist you in everything related to it.
Foreign Pakistanis also need to be aware of these procedures to buy any house or plot for sale in Pakistan.
Some of the essential procedures are mentioned here that everyone, including overseas Pakistanis, should be aware of.
The Process of Transferring Plot
In order to transfer property from one owner to another, there is a proper procedure in which the applicant must apply with the transfer package. This package is a set of documents that includes a copy of the seller and buyer certificate with the seller and buyer’s declaration, recent photographs, and copies of the national ID of the applicant.
The applicant must pay a certain amount of money as part of the transfer fee. After filing the payment, the applicant must submit the application form along with the required copies of the documents and a copy of the CVT, paid challan form, stamp duty, etc.
Building Plan Approval
To obtain an approved building plan for your residential or commercial building, you need to apply with a copy of the title deed, four copies of the building plan drawing, a copy of the national ID, B form issued by the architect, and the composition of the certificate of physical ownership.
After issuing and submitting the fee challenge and drawing of the construction project, the applicant must submit a copy of the paid challan form, a correctly filled application form, and all other documents mentioned.
No Objection Certificate Letter Issuance
For the No Objection Certificate letter, the applicant must have all accurate and legal documents, including a copy of the title to the property (Any one of these three: distribution letter, transfer letter, exception letter) and a copy of the national ID.
The applicant must then obtain the challan form from the LDA, pay the No Objection Certificate letter issuance fee. And then provide a copy of the paid challan form and all other documents provided with the application form.
Request for CVT and Stamp Duty
The one who wants to apply must contact the Treasury ‘Finance Department’ to obtain stamp duty. The value and the rate of the stamp duty following the DC rate is two percent of the total DC rate of this property. Likewise, an applicant must take a CVT after submitting a 32-A application challan to a state bank.
The Process of Commercialization
For the procedure of complete commercialization, the candidate must submit an application form along with the given documents: A copy of the national identity card, a copy of the certificate of ownership, and the original payment order to the Director-General of Lahore Development Authority.
By completing the form and attaching the above-told documents, the applicant must pay the fee. And then, along with the application form, provide a copy of the paid challan form.
So, here are the procedures that everyone must know because at least once or twice in a lifetime. Everyone has to go through property-related struggles. Moreover, people also buy a house or plot for sale from an investment point of view. Thus, remembering these procedures will create ease for everyone in the future.
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