Lahore: The Lahore Development Authority (LDA) has reported an increase in the construction cost of LDA City Naya Pakistan Apartment from PKR 2.247 million to PKR 2.95 million, news sources reported.
The changes in prices have been reported following the increase in the raw construction materials, cement and steel bar prices. As per reports, the LDA City Naya Pakistan Apartments project’s development cost has climbed to PKR 2.80 billion in the past one year alone. While announcing the price hike, LDA Director General (DG) Ahmed Aziz Tarar said that the burden of increased cost will be borne by the government and that the allottees will be offered relief through subsidy.
In this respect, the LDA and Bank of Punjab (BoP) have signed a deal to provide buyers with a mortgage financing facility. The agreement was signed between DG Tarar and BoP Group Head Umar Iqbal Sheikh. Under the agreement, a mortgage extension will be provided by the BoP for the residential project.
The agreement named ‘Project Mortgage Deed’ was signed which would allow project allottees to pay through the banking channel. On the occasion, DG Ahmed stated that the project is a landmark deal that would relieve consumers of the burden of rising construction costs.
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