LDA To Introduce E-Bidding Portal For Overseas Pakistanis
Erstwhile Pakistani government institutions are converging into digitalization. Lahore Development Authority (LDA) adds a new chapter to the digital series for the e-bedding option. In the recent launch of the e-portal, the director general (DG) of the LDA Mr. Chaudhry Muhammad Ali Randhawa announced that the online property portal is developed to protect the rights and properties of Overseas Pakistanis and combat counterfeiting and fake documentation. Keeping in view the potential and hefty challenge of real estate in Pakistan he added that these tech-driven initiatives taken by the LDA would also promote transparency, agility, and swiftness in processing the property affairs. Director Administration Mr. Imran Ali, Director (DG Headquarters) Akbar Nakai, Director IT Services Abdul Basit Qamar, and other concerned officers also partook in the meeting.
How will the electronic bidding system by LDA Work?
The software-driven online web-based electronic bidding system by LDA will work with LDA database integration. It will entail all property databases and land records and ensure illegal plot selling and acquisition. The integral function of the PMS (Property Management System) is to protect the unauthorized plot or property registration which will relieve the original landlords to feel relieved keeping their properties saved. Whereas electronic bidding system by LDA is concerned a lot of property affairs for overseas Pakistanis can be handled online without requiring them to be visually present. It is actually a ubiquitous property portal to cater to real estate matters in transparency. LDA also acquired the status to be the first in a row to launch such a great initiative. Following are some focal primitives of the LDA e-bidding system:
- Electronic Auction Participation for Local and Foreign Pakistanis
- Online Land Record Maintenance and Dealings
- Property and Real Estate Affairs For Both Seller and Buyer
- Anti-Fraud and Scamming System
- Better Protection of Landlords’ Rights
- Online Property Processing Fee Payment Facility
- E-Tendering Auction System Integration
LDA is generally asserted for high-end property protection systems or real estate positions with unique features such as main road and lush area frontage. Therefore, it is considered to be having real benefits in the property market in Lahore.
Conventional Tendering is No More with LDA
A property tender process has more resembled a little like a property auction. The interested stakeholders are invited for expressions of interest (tenders) from any part of Pakistan or around the world. However, the e-bidding system of the LDA only allows Pakistani nationals to buy or sell listed properties under LDA precincts. Nevertheless, its key difference from a conventional real estate auction is that it is conducted in an unfair mean way (biased auction) — bidders are kept secretive and more often the auction is likewise kept clandestine to make bidding more nepotism-oriented. While the e-action with e-bidding terms renders the stakeholders aware of each property auction managed by the LDA. This will ensure transparency in any bid, albeit there is no public gathering of the bidders because the auction is held online in its entirety.
In a traditional bidding system that would have been in practice by the LDA and other government and non-government bodies, the interested parties would submit the tender applications in sealed envelopes along with bank drafts and other required documents. In such as case all the applicants (the vendors) would have to produce themselves at the auction site at a specified time and date.
LDA Steps Forward in Digitalization (electronic bidding system) Property Affairs in Lahore
Before the LDA property e-bidding solutions, the property processes were made manually for processing and scrutiny to favor or disfavor the potential buyers. The LDA officials would assess the value of the house before calling for their tender. This would be contained a signed contract, any prescribed conditions of sale mentioned by the buyer — such as a building assessment — and a deposit payment system. On the other hand, LDA empowers its stakeholders with a swift-processing method thanks to delivery and other prospects. That is how it has been made mandatory to offer all the relevant scanned copies of the following property documents along with the assessed tender. The name of work & company/contractor should be clearly mentioned on the application submitted through the said e-tender portal of the LDA.
- Tender Processing Pay-order Online (Original)
- Tender Work Slip Online CDR (Original)
- Scanned Copy of Affidavit (Original)
- Scanned Copy of the PEC certificate.
- Scanned Copy of the PRA certificate
- Scanned Copy of the NTN certificate
In matching the pace with advanced steps of Information Technology, the Lahore Development Authority (LDA) has launched an e-bidding system dedicated to foreign Pakistanis. Next-Home Realtors assesses this project as a great initiative that will facilitate overseas Pakistani citizens. Subsequently, the property e-portal will encourage foreign investors to invest in the country’s real estate sectors. We are here to assist you in understanding the framework and functionality of the e-bidding system of the LDA.