LDA, BOP sign agreement to collaborate on LDA City Naya Pakistan Apartments

Lahore: Lahore Development Authority (LDA) and Bank of Punjab (BOP) have signed an agreement to collaborate on LDA City Naya Pakistan Apartments – the two organisations shared through an advertisement in the local dailies.

Read: LDA sets up directorate to expedite LDA City Naya Pakistan Apartments project

According to the details, BOP will provide financial resources for the project which is estimated to cost a total of PKR 10 billion. Under the project, authorities will construct a total of 4,000 apartments on an area of 800 kanals.

As per the division of responsibilities, LDA will be responsible for following:

• Construction of apartments
• Ballot for allotments
• Maintenance of buildings and infrastructure after handing over possession

Read: Details of LDA City Naya Pakistan Apartment options, price revealed

Meanwhile, Bank of Punjab will be responsible for following functions:

• Receiving applications for allotments
• Issuance of letter of comfort to the expected allottees
• Providing easy Islamic banking loans to the allottees

The advertisement also notes that the funds provided for the purpose of the project will not be utilised for any other purpose.