Naya Pakistan Housing Programme: LDA to build 4,000 residential units

LAHORE:As a first concrete steps towards Prime Minister’s Naya Pakistan Housing Programme, the governing body of Lahore Development Authority has approved construction of 4,000 residential units at a cost of about Rs10 billion in the first phase of LDA City Naya Pakistan Apartments Project.

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 seventh meeting of the LDA Governing Body chaired by Vice-Chairman SM Imran held on Thursday was informed that

LDA had planned to construct the apartments on 563 kanals of land at Mouza Haloki in a period of one year.

As many as 125 blocks of ground plus three storey apartments, each comprising 32 residential units, will be built in the first phase. Mosques and other amenities will also be provided in the area.

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 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.

The meeting was informed about the details of mortgage facility by the Pakistan Housing Authority as well as the banks for prospective buyers interested in purchasing the apartments. The purchasers will have to deposit only 10 per cent of the cost as down payment while the rest will be transferred by the banks to the ESCRO account of the project. The meeting was attended by LDA Director General Ahmed Aziz Tarar, MPA Sadia Sohail Rana from Lahore, Malik Mukhtar Ahmed from Kasur, Omar Aftab Dahlon from Sheikhupura, Muhammad

Atif from Nankana Sahib, Wasa and Wasa Vice-Chairman Imtiaz Mahmood.