LAHORE: As a first concrete steps towards Prime Minister’s Naya Pakistan Housing Programme, the governing body of Lahore Development Authority has accorded approval for construction of 4,000 residential units, at a cost of about Rs 10 billion, in the first phase of LDA City Naya Pakistan Apartments project.
All the citizens who would be provided mortgage financing facility by Naya Pakistan Housing Authority and the commercial banks would now be eligible for purchasing these apartments.
The 7th meeting of the LDA Governing Body which held here Thursday was presided over by the Vice Chairman SM Imran. Director General LDA Ahmed Aziz Tarar briefed the participants about the agenda of the meeting.
The meeting was informed that LDA had planned to construct these apartments on 563 kanals of land in Mouza Haloki in a period of one year. As many as 125 blocks of ground plus three storey apartments, each comprising of 32 residential units, would be built in the first phase.
The meeting also decided to construct infrastructure including roads, water supply and sewerage system, sidewalks, water treatment plants and other networks on 8,500 kanals of land reserved for constructing of 35,000 apartments and approved PC-1 amounting to Rs. 20 billion for this purpose.
The meeting also approved the financial model proposed by Aslam Malik & Company, the financial consultant appointed for the LDA City New Pakistan Apartments Project, for making the construction of these apartments a viable project.
The meeting was informed about the details of mortgage financing facility by the Pakistan Housing Authority as well as the banks for prospective buyers interested in purchasing these apartments. The purchasers would have to deposit only 10 percent of the cost as down payment while the remaining 80 percent cost would be transferred by the banks to the ESCRO account of the project.
The meeting was attended by MPA Sadia Sohail Rana from Lahore, Malik Mukhtar Ahmed from Kasur, Omar Aftab Dahlon from Sheikhupura, Muhammad Atif from Nankana Sahib and Vice Chairman WASA Imtiaz Mahmood, members of the governing body, representatives of provincial Housing, Local Government, Finance, P&D departments as well as Commissioner Lahore.APP
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