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Lahore Development Authority (LDA) has approved the construction of 4,000 apartments under Phase 1 of the Naya Pakistan Housing Scheme.
This project will cost approximately Rs. 10 billion and citizens will receive prior facilitation to buy the apartments.
All the citizens who would be provided mortgage facility by Naya Pakistan Housing Authority and the commercial banks will now be eligible for purchasing the apartments.
The meeting for the scheduling of this project was headed by the LDA Vice-Chairman, S. M. Imran. The LDA’s Director-General, Ahmed Aziz Tarar, briefed the attendants of the meeting about the new agenda.
The apartments will be constructed on 563 kanals of land in Mouza Haloki within a year. As many as 125 blocks of four-story apartments will be constructed on the land, and each block will consist of 32 residential units while numerous mosques will also be built.
The state officials who attended the meeting also decided on the construction of roads, water treatment plants, water supply and sewerage systems, sidewalks, and related framework on 8,500 kanals of land reserved for construction of 35,000 apartments and approved PC-1 amounting to Rs20 billion for the purpose.
The meeting also approved the financial model proposed by the financial consultant appointed for the LDA City New Pakistan Apartments Project, for making the construction of the apartments a viable project.
A consortium of seven commercial banks has been constituted to finance the construction of more than 4,000 residential units.
Senior officials of the banks called on Vice Chairman Lahore Development Authority SM Imran and Director General Ahmad Aziz Tarar for deliberating modalities for this purpose.
The meeting was attended by representatives of Habib Bank, Bank of Punjab, Faisal Bank, Bank Al-Falah, UBL, Meezan Bank and National Bank. Representatives of some banks from Karachi also attended the meeting through video link. Representatives of some banks from Karachi also attended the meeting through video link.
Following directions of the government, borrowers will have to pay only five per cent mark up on these loans.
The purchasers will have to deposit only 10 per cent of the cost as down payment while the rest will be transferred to the mortgage lender’s account according to verified payment plans.
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