The Lahore Development Authority (LDA) has approved the construction of 4,000 apartments under Phase 1 of the Naya Pakistan Housing Scheme.
According to an LDA spokesperson, this project will cost approximately Rs. 10 billion and citizens will receive prior facilitation to buy 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 here,” he said.
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.
According to reports, 8,500 kanals of land allotted for the construction of 35,000 apartments with a PC-1 form for a Rs. 20 billion kitty was also approved.
The attendees also approved the financial model proposed by Aslam Malik & Co. – a financial consultant to be appointed for the LDA City Naya Pakistan Apartments Project – to make the construction of these apartments a viable project.
The meeting concluded on the consensus to devise a standard model to facilitate the citizens who are eligible to buy these apartments.
The Naya Pakistan Housing Authority and Bank Mortgage Financing will offer buyers the option to pay a 10 percent down payment on their purchase while 80 percent of the total cost will be transferred to the mortgage lender’s account according to verified payment plans.