As we all know, LDA approval is necessary to construct any building in Lahore. Without LDA approval, one cannot start the construction work. So, getting approval from LDA before starting any construction project is essential. But have you ever thought about how LDA approval affects the properties?
LDA approval affects the properties in many ways. Here are some of the major effects of LDA approval on properties.
- Registered property
- Legal rights
- Increase in prices
- Helps in getting bank loans
- Raise in demand for surrounding properties
Registered property:
One of the major effects of LDA approval on housing societies is that it helps in getting the land registered in government records. Once the property is registered, it is allotted to the name of an individual/society so one can start construction accordingly. Without LDA approval, one cannot construct any building on that land. So, if you want to register your property, you will need LDA approval.
Legal rights
Another major effect of LDA approval on properties is that it helps in getting the legal rights over the property. The land owner may claim his legal rights over the property after LDA has accepted it. And he can utilize the property as he sees fit, based on the approval. Without LDA approval, the property owner has no legal rights over the property. So, if you want legal rights over your property, you will need LDA approval.
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Increase in prices
LDA approval of land can be the major cause of the increase in land prices. The value of the property increases after LDA has approved it. It is one of the main components of the investor’s point of view. Investors mostly invest in the unapproved land and sell it after the LDA approves it. It helps them to earn a considerable profit. So, if you are considering buying a property, you should check whether LDA approves it.
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Helps in getting bank loans
Banks also prefer to give loans on LDA-approved land. It is because they feel confident that the investment is made on a sound footing, and there are less chances of any legal issues in the future. So, if you are planning to take a loan from the bank, then you should check whether LDA approves the land or not.
Raise the demand for nearby properties:
When LDA approves a piece of land, the surrounding land prices also increase. It is due to the fact that the approved land has become more valuable, and people want to buy the land near it. So, if you own a piece of land near an LDA-approved land, then you can expect the price of your land to go up in the future.
These are some of the major effects of LDA approval on properties. So, if you plan to buy a property, you should check for its LDA approval. It will help you in many ways. You can get more informational blogs on our website.
CDB Properties is an authorized dealer of properties all over Pakistan. If you are planning to buy the property or want to sell your property, you can consult CDB Properties at any time. We have been serving in real estate for more than a decade. And have a great experience in it. You can get the best advice from us about buying and selling property. So, feel free to contact us anytime.
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