In this post
- Latest updates
- Ballot & Subsidy
- Tenders & Construction
- NPHP Projects in Pakistan
- Importance of Affordable Housing Schemes
On April 9, 2021, Prime Minister Imran Khan inaugurated the Lahore Development Authority (LDA) City Naya Pakistan Housing Scheme Apartments. This is in accordance with a policy measure, affordable housing, which the incumbent government announced. As per the policy, affordable housing schemes under this initiative will be developed in all major cities of Pakistan. The government is using all relevant agencies to ensure work is completed at a fast pace, and there are new updates on the project almost every week. Read through to find out the latest on LDA City Naya Pakistan Apartments, a flagship project of the incumbent government.
ALSO READ: Guide To Naya Pakistan Housing Units In Sargodha
Latest Updates On LDA City Naya Pakistan Apartments
The Lahore Development Authority (LDA) has signed an agreement with Bank of Punjab (BoP) of PKR 10 billion for the construction of 4,000 apartments. During an official ceremony in Lahore under the chairmanship of Chief Minister Usman Buzdar, the LDA DG Ahmed Aziz Tarar and BoP Chairman Zafar Masood signed the agreement for constructing 4,000 apartments for LDA City Naya Pakistan Apartments. This project spans over an area of 800 kanals.
The agreement now translates into LDA being responsible for the construction, and allotment of the apartments, whereas BoP will provide resources for the project. LDA will follow all procedural requirements such as allotting apartments through balloting, and providing maintenance of building infrastructure. Meanwhile, 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, i.e. the government will ensure that this amount is not spent on any other project and will be completely utilized in the construction of the first 4,000 apartments installment of this project.
Ballot & Subsidy For Successful Applicants
The deadline for submission of applications was April 12, 2021, whereas a facilitation center at the LDA Office in Johar Town had been set up to help the prospective applicants.
In June, the Naya Pakistan Housing And Development Authority (NAPHDA) announced a PKR 300,000 subsidy for the already-announced 2,000 ballot winners. The ballot winners can get the subsidy by filling the form available on the LDA’s official website and submit it within 15 days. The names of the successful applicants have been published on LDA’s website. The Bank of Punjab (BoP) has also been notified and the successful applicants can get their Letter of Comfort from the respective branches of the BoP.
After this, the NAPHDA will verify applicants as per its criteria and allot the subsidies to all those who are considered eligible. These individuals are to be contacted directly by the NAPHDA, while details of whether these subsidies will be given in trenches or not have to be determined.
Finalization Of Tenders & Construction Details
In February 2021, the LDA completed the first phase of opening tenders for the construction of 4,000 apartments under the LDA City Naya Pakistan Apartments project. The Punjab Cabinet also approved the procedure for the allotment of apartments, and mortgage financing agreement with BoP. Details about prices were also discussed and made public.
Technical Member of the LDA Governing Body, Amir Riaz Qureshi supervised the opening of tenders along with Chief Engineer Abdul Razzaq, Director Finance Muhammad Akhtar and Director Audit Javed Akhtar. Initially, six contractor companies had filed their bids for building another 256 apartments under package four of Phase-1. In the first phase, work on building 4000 apartments will begin in the current month.
The government is working to ensure that the project is completed within the stipulated timelines and all mechanisms are transparent. All of these are values that the Prime Minister wants to ensure are translated into this project as this is the most rigorous affordable housing campaign by the government in Pakistan’s history. This was also one of the key pointers for Prime Minister Imran Khan’s political campaign, and in keeping up with his promises, this has now been launched in Pakistan.
NPHP Projects In Pakistan
Under this initiative, a number of affordable housing projects will have been introduced throughout the country. According to official details, around 25,000 apartments will be built in the twin cities of Islamabad and Rawalpindi and the remaining 110,000 housing schemes will be constructed in Balochistan for fishermen and government employees.
Moreover, the government is working to introduce similar projects in Karachi as well because the city has a high concentration of slums. The government is of the view that the same sites can be used for creating better homes for the underprivileged.
Similar projects are being introduced in KP, the Jalozai Low Cost Housing Society, as well as the Naya Pakistan Housing Units in Sargodha, with more projects yet to be announced in the coming year.
Importance Of Affordable Housing Schemes
In December 2020, the governing body of LDA approved the construction of 4,000 residential units for PKR 10 billion in the first phase of the LDA City Naya Pakistan Apartments project.
The approval was accorded in the 7th meeting of the LDA governing body presided over by Vice Chairman SM Imran, and it was agreed that Prime Minister Imran Khan will launch the project.
Moreover, details of the project were also announced. This included the announcement that apartments would be constructed on 563 kanal of land at Haloki village within a year, and that 125 blocks of four-storey apartments, each comprising 32 residential units, would be built in the first phase.
This is a key initiative by the Pakistan government to house more people in the country. It is an attempt to house the homeless, and studies have shown that providing affordable housing has economic benefits for a country as well. Therefore, this initiative is greatly revered and all eyes are now waiting to see it is completed soon.
This was our latest update on LDA City Naya Pakistan Apartments. If you have any queries, write to us at blog@zameen.com. For the latest updates, check out Pakistan’s best property blog, Zameen Blog.
