Consortium of banks set up for LDA City project

LAHORE : A consortium of seven commercial banks has been set up for providing resources for constructing more than four thousand residential units for employees of Lahore Development Authority, in the first phase of LDA City Naya Pakistan Apartments project.

Senior officials of the banks called on Vice Chairman Lahore Development Authority SM Imran and Director General Ahmad Aziz Tarar on Wednesday for deliberating modalities for this purpose. The banks have offered to provide 80 per cent cost of these apartments as soft loans in the form of mortgage financing facility to the employees interested in purchasing these apartments.

On the orders of the Prime Minister of Pakistan, the national banks have decided to extend loans to the prospective buyers at lower rate. The borrowers will have to pay only five per cent mark up on these loans. The employees will have to return these loans on long term easy installments.

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.

The meeting was attended by member of LDA’s Governing Body Engineer Amir Riaz Qureshi, Additional Director Generals Farqaleet Mir, Rana Taka Khan, Chief Metropolitan Planner Syed Muhammad Nadeem Akhtar Zaidi, Chief Engineer Abdul Razzaq Chauhan, Director Finance Muhammad Akhtar and other officers concerned.

Meanwhile, on directions by the Director General Lahore Development Authority Ahmad Aziz Tarar, staff of the Estate Management Directorate One conducted an operation against land grabbers in different blocks of Johar Town and retrieved 25 plots worth million of rupees on Wednesday.

In addition, LDA staff demolished two illegally installed gates in Block P of Johar Town and removed obstacles in the movement of citizens.