Question: What is the Commercialization process?
The commercialization process differs depending on the type of property and its intended purpose. Some basic steps include;
a) Paying building plan security fee to LDA for scrutiny of your construction/development/refurbishing plan;
b) Depending on the commercial use the plot will either be temporarily or annually commercialized;
c) The plot owners will have to pay the commercialization fee or the fee for conversion of land use. Commercialization fee for intercity is 20% of the value of the commercial land as per valuation table, or twenty percent of the average sale price of preceding twelve months of commercial land in the vicinity, if valuation table is not available.
For a detailed opinion on the matter please contact the legal team of BSOL.