Low-cost Ashyana Apartments to be built on Burki Road

The government takes various initiatives from time to time to give a chance to the low-income strata of society to own decent accommodation in a facilitated neighbourhood. Though corruption sometimes gets in the way of all the deserving candidates enjoying the actual essence of these projects, such low-cost schemes still play a prominent role in providing homes to many underprivileged families.

After Ashyana Housing Scheme in Attari Saroba, the government now plans to launch another similar development featuring low-cost apartments. The Lahore Development Authority has been engaged to execute the task and the apartments’ price has been fixed at Rs 2,396 per ft².

At this rate, a 500-ft²-apartment can be purchased in Ashyana Apartments for Rs 1,199,000 with a down payment of Rs 239,800 and 10 monthly instalments of Rs 7,993 for 10 years.

But the prices of the apartments are not clear at the moment, because Punjab Government Spokesman Mr Zaeem Qadri has said the per-square-foot cost of an apartment will be set at Rs 1,800, since a philanthropist has volunteered to contribute Rs 1.25 billion to the project. He told reporters that the development work on this low-cost development would not begin before 6 months, as the government was yet to address legal requirements and pre-qualification formalities.

The apartments will be delivered to successful applicants after 18 months of the start of the project, while the whole project would be completed in a period of 2 years, Mr Qadri added.

The payment plan for the Ashyana Apartments seems to be really attractive as the government is not going to charge any mark up on the instalments. Moreover, the government is offering these apartments at a price significantly lower than the going rate in the market for similar developments, making this project perfect for those who cannot afford a home because of astronomical prices.

Though there is absolutely nothing on the ground yet, it is our hope that the Ashyana Apartments project will outshine other projects introduced by the government in the past and actually succeed in providing low-cost housing to those in need.

I will make sure to update you as soon as there are any further developments on this subject. Until then, please feel free to ask me anything in the comments section below.