Lahore: Lahore Development Authority (LDA) Vice Chairman SM Imran on Sunday revealed that the allottees of LDA City Naya Pakistan Apartments project will pay PKR 570,000 as down payment – out of which the government will offer a subsidy of PKR 300,000 per unit, according to a news source published on March 1.
Moreover, the allottees will be required to pay the remaining instalments after availing possessions of their units. This means that the allottees will not have to pay anything in the first 18 months of the construction work. Since the instalments are to be paid after possession, this could possibly mean that possession will be handed over in 18 months after the construction work begins.
It was also revealed that the Naya Pakistan Housing and Development Authority (NAPHDA) intends to allot plots to early applicants on a priority basis. Imran added that the small instalments will enable people to have their own homes, instead of paying rents.
He further stated that each apartment will span over 650 square feet and will have two rooms, with an attached and a detached bathroom, a kitchen, a balcony, and a small lounge. Additional facilities planned for the project include parks, walkaways, treatment plants, sewerage, and grid stations.
In a related development, the LDA has also opened an ESCROW account specifically for ensuring transparency in the project and dedicated use of funds.
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