In the case of lease of site the lessee shall complete the building within 3 years from the date of allotment/auction in accordance with the rules regulating the erection of buildings. This time limit may be extended by the Estate Officer for good and sufficient reasons. The date of completion will be the date of receipt of application for permission to occupy the building in form 'B' annexed in the Punjab Capital (Development and Regulation) Buildings Rules, 1952, accompanied by a completion certificate from the licensed supervisor/qualified architect who supervised the construction of the building provided the building is also certified to have been completed according to the sanctioned plan by the Chief Administrator :
[Provided that in the case of lease of industrial plots the period of completion of building shall be two years which may be extended by order of the Estate Officer from time to time so as not to exceed one year in the whole. The Estate Officer shall not extend the period beyond one year except with the prior approval of the Government].