LAHORE: The governing body of Lahore Development Authority (LDA) on Thursday approved the 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 citizens who will be provided mortgage financing facility by Naya Pakistan Housing Authority and commercial banks will now be eligible to purchase these apartments,” a statement issued by the authority read.
The 7th meeting of the LDA governing body was presided over by Vice Chairman SM Imran. The meeting was informed that LDA has planned to construct these apartments on 563 kanals of land in Mouza Halloki within a year’s time. 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 decided to construct infrastructure including roads, water supply and sewerage system, sidewalks, water treatment plots and other networks on 8,500 kanals of land reserved for constructing 35,000 apartments and approved PC-1 amounting to Rs20 billion for this purpose.
It 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 viable.
The meeting was informed about the details of the mortgage financing facility by the Pakistan Housing Authority as well as banks for prospective buyers interested in purchasing these apartments. The purchasers will have to deposit only 10pc of the cost as down payment while the remaining 80pc would be transferred by the banks to the ESCRO account of the project.