LDA City Naya Pakistan Apartments has remained the focus of both the Lahore Development Authority (LDA) and the Punjab government since 2020. Even the prime minister himself has accorded high priority to the initiative, which is in line with the incumbent executive’s plans to provide five million affordable homes during its five-year tenure.
Overview of LDA City Naya Pakistan Apartments
Originally, the civic agency government had announced to develop 10,000 apartment units on 2,000 kanals. However, plans changed and the executive increased the count to 35,000 units. According to the details revealed, these apartments will be constructed over 8,500 kanals of land within the next three years. The authorities are also in the process of acquiring 4,000 kanals out of the total in Mouza Halloki.
As per the PC-1 prepared in July last year, as many as 1,012 high-rise buildings (containing 35,000 apartments) will be constructed on 8,255 kanals of land. To elaborate:
320 buildings will have 10,248 apartments, each measuring 650 square feet
387 buildings will have 12,364 apartments, each measuring 800 square feet
245 buildings will have 7,840 apartments, each measuring 1,100 square feet
35 buildings will have 3,360 apartments, each measuring 1,500 square feet
To fund this ambitious project, the government has earmarked PKR 196 billion, out of which PKR 153 billion will be utilised on the construction of apartments; PKR 9.5 billion for roads construction; PKR 3.5 billion for sewerage work; and PKR 2.5 billion for land acquisition.
Now, in the first phase of the project, 4,000 apartments will be constructed in Mouza Halloki on an area of 800 kanals. Under the said initiative, the executive will construct 125 blocks of ground-plus-three storey apartments, each expected to house 32 units.
These apartments will be constructed at a cost of PKR 10 billion, while another PKR 10 billion will be spent on the provision of amenities such as mosques, roads, water supply and sewerage systems, sidewalks, water treatment plants and other basic utilities.
Payment Options
Loans under NPHP
These apartments will be allotted to LDA employees, other public servants as well as members of the general public. Moreover, all Pakistanis who can avail NPHP loans are eligible to apply for these apartments. The buyers will be able to obtain loans under the NPHP finance scheme and will also be able to avail the PKR 300,000 relief facility.
A consortium of seven commercial banks has been constituted to finance construction of the 4,000 apartments in the first phase. These banks will provide easy loans to fund 80% of the cost of these apartments in the form of mortgage financing facility. As per Prime Minister Imran Khan’s vision, these loans will be offered on subsidised markup rate of 5% for the first 5 years.
Payment Plan
The buyers will be pay 10% of the total cost as down payment, while the loan amount from the banks – as high as 80% of the total cost – will be transferred to an escrow account.
The consortium includes Bank Al-Falah, Bank of Punjab, Faisal Bank, Habib Bank, UBL, Meezan Bank, and National Bank.
Going Forward…
LDA Vice Chairman S M Imran has promised to grant the possessions of these 4,000 apartments within a year.
Last month, Punjab Chief Minister Sardar Usman Buzdar revealed the prices of these units. He stated that the provincial government had fixed PKR 2.7 million as the price for these houses, with instalments starting from PKR 16,000.
Earlier this month, LDA invited prequalification applications from developers for LDA City apartments. Moreover, it also sought approval from the Punjab Environmental Protection Agency (EPA).
Further, as of January 27, the LDA has sought approval for allotment mechanism pertaining to the LDA City Naya Pakistan Apartments project. It intends to forward a summary regarding the prices of NPHP units, their eligibility criteria and terms and conditions pertaining to allotment.
By the looks of it, the project is proceeding without a hitch and one can expect that it will be completed on a timely basis.
HOW TO APPLY A LDA CITY NAYA PAKISTAN APARTMENT? PLEASE SHARE COMPLETE DETAILS.
HOW TO APPLY A LDA CITY NAYA PAKISTAN APARTMENT? PLEASE SHARE COMPLETE DETAILS