Prime Minister Imran Khan’s journey to fulfill the promise of 50 lacs low cost houses to poor people.
A commendable step by the Punjab government to build “New Pakistan Apartments” for the homeless people.
LDA will build 35,000 apartments (Phase 1) on 800 kanals of land in three years at Mouza Halloke adjoining Ring Road at a cost of Rs. 10 billion.
Phase 1 of 4,000 apartments out of 35,000 apartments of LDA in Lahore, would be given among the following:
> Employees of federal and provincial agencies with a salary of less than Rs 50,000 can submit applications for 2,000 apartments.
> The remaining 2,000 apartments will be selected from those already registered for “New Pakistan Housing”. Those would be the owners are the ones who had registered online by depositing Rs 200 a year and a half ago.
Government employees can submit applications on the online portal from March 24.
The cost of an apartment to be constructed under LDA City Naya Pakistan scheme will be around Rs2.7 million, and the allottee will have to pay Rs570,000 as down payment, out of which the government will give a subsidy of Rs300,000 per unit.
The four-storey blocks — 125 in number — will be constructed with an area of 650 square fee for each apartment.
Each apartment will comprise two bedrooms, two bathrooms and a balcony.
The payment of instalments will start after possession.
The loans will be payable in a period of 5, 10 and 20 years
Financing agreement for Phase-1 of 35,000 apartments project, under Naya Pakistan Housing, signed on 24th Feb 2021, with the Consortium of 7 banks.
Islamic Financing mode will be used for mortgage financing.
LDA will take care of the buildings and infrastructure maintenance after the apartments are handed over.
Financing agreement for Phase-1 of 35,000 apartments project, under Naya Pakistan Housing, signed today with the Consortium of 7 banks
Islamic Financing mode will be used for mortgage financing. pic.twitter.com/ZhjUQp4iQp
— Usman Buzdar (@UsmanAKBuzdar) February 24, 2021
LDA City has set up a special directorate to ensure fast track implementation of the New Pakistan Apartments project.
For this purpose a separate department named Directorate of Housing 12 has been set up which will be set up under the administrative control of the Additional Director General (Urban Planning).
The new directorate will be responsible for the sales, marketing and estate management of the apartments. The Directorate will have a Grade 19 Director, a Grade 18 Deputy Director, a Grade 17 Assistant Director and, as required, other staff clerks, data entry operators and drivers.