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LDA City Naya Pakistan: Rs10 bn approved for 4,000 apartments

National

February 25, 2021

LAHORE: Lahore Development Authority (LDA) signed an agreement with Bank of Punjab (BOP) for Rs10billion for the construction of 4,000 apartments here on Wednesday.

The signing ceremony was held under the chair of Chief Minister Usman Buzdar. LDA DG Ahmed Aziz Tarar and BoP chairman Zafar Masood signed the agreement for constructing 4,000 apartments for LDA City Naya Pakistan Apartments over an area of 800 kanals. The BOP will provide resources for the project.

According to the agreement, the LDA will construct and allot apartments through balloting and will also be responsible for the maintenance of building infrastructure. The BOP will receive applications, issue letters of comfort to expected allottees along-with the provision of soft loans to successful applicants under Islamic mortgage financing. The project amount will be ring-fenced.