Lahore: The governing body of the Lahore Development Authority (LDA) on Thursday approved the construction of 4,000 LDA City Naya Pakistan Apartments at a cost of PKR 10 billion in the first phase of the project, the authority announced through a post on its official Facebook page on December 3.
According to the details available, all citizens who can avail loans from banks under the Naya Pakistan Housing Programme will be eligible for the apartments.
The decision was taken in the 7th meeting of the LDA governing body, which was presided over by Vice Chairman SM Imran. Reportedly, the said apartments will be constructed over an area of 563 kanals in Mouza Halloki within a year. 125 blocks of ground-plus-three storey apartments will be constructed in the first phase of the initiative — each with 32 apartments.
The meeting further approved the PC-1 of the project amounting to PKR 20 billion. Mosques and other amenities including roads, water supply and sewerage systems, sidewalks, water treatment plants and other utilities are a part of the PC-1.
The meeting also approved the financial model proposed by Aslam Malik & Company for the apartment projects. Under this model, interested buyers will deposit 10% of the total cost as down payment, while 80% of the remaining amount will be transferred by the banks to the escrow account of the project.
