Lahore: The Punjab government has revealed details on prices of affordable houses in Lahore, Faisalabad, Sialkot, Lodhran, Chistian and Renala Khurd, reported a news source. The provincial government also devised a framework pertaining to the allotment of low-cost houses in Renala Khurd, Chistian and Lodhran.
Affordable houses in Lahore will be developed in the third phase of the Naya Pakistan Housing Programme (NPHP).
In the phase one, several low-cost houses will be constructed in Renala Khurd, Chistian and Lodhran. Possession of these houses will be granted within 18 months of construction. The allottees will have to pay 20% of the total cost as down payment. The cost of a 3-marla house ranges between PKR 1.65 and 1.75 million. Similarly, the cost of a 5-marla house is expected to fall between PKR 2.1 and 2.3 million.
However, NPHP homes will be more expensive in Lahore as compared to other districts. The revenue department has identified land for NPHP on Barki and Ferozepur roads. The NPHP houses in Lahore will be constructed under the project’s third phase.
In Lahore, a 3-marla house is expected to cost between PKR 2.5 and 2.8 million. The cost of a 5-marla house will range between PKR 4.5 and 5 million.
For Faisalabad and Sialkot, a 3-marla house may cost PKR 2 million. Similarly, the cost of a 5-marla house may range between PKR 2.5 and 2.6 million.
Moreover, the government plans to offer a 5% concession to overseas Pakistanis hailing from Chishtian, Lodhran, and Renala Khurd. The form submission deadline for these three districts is February 25. Completed applications have to be summited in the Bank of Punjab.
The Provincial Development Working Party (PDWP) previously approved funds to conduct a feasibility study of NPHP. It sanctioned the transfer of funds worth over PKR 2 million for the Chishtian project. Similarly, it approved PKR 3 million, each, for the housing developments in Lodhran and Renala Khurd.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
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