Lahore: The LDA City Naya Pakistan Apartments has remained the focus of both the Lahore Development Authority (LDA) and the Punjab Government since 2020. Even Prime Minister Imran Khan himself has accorded high priority to the initiative, which is in line with the incumbent executive’s plans to provide five million affordable homes during its five-year tenure.
Initially, the community organization government had declared to create 10,000 condo units on 2,000 Kanals. Notwithstanding plans changed, and the chief expanded the check to 35,000 units. As indicated by the details uncovered, these lofts will be built more than 8,500 Kanals of land inside the following three years. The specialists are additionally trying to acquire 4,000 Kanals in Mouza Halloki.
To fund this eager project, the government has reserved Rs. 196 billion, out of which Rs. 153 billion will be used on the development of apartments, Rs. 9.5 billion for streets development, Rs. 3.5 billion for sewerage work, and Rs. 2.5 billion for land securing.
In the first phase of the project, 4,000 apartments will be constructed in Mouza Halloki on an area of 800 Kanals. The executive will construct 125 blocks of ground-plus-three storey apartments, each expected to house 32 units.
These apartments will be constructed for Rs. 10 billion, while another Rs. 10 billion will be spent on the establishment of amenities such as mosques, roads, water supply and sewerage systems, sidewalks, water treatment plants and other basic utilities.
These apartments will be allotted to LDA employees, other public servants as well as members of the general public. Moreover, all Pakistanis who can avail NPHP loans are eligible to apply for these apartments.
The buyers will be paying 10% of the total cost as down payment, while the loan amount from the banks – as high as 80% of the total cost – will be transferred to an escrow account.
Further, as of January 27, the LDA has sought approval for allotment mechanism about the LDA City Naya Pakistan Apartments project. It intends to forward a summary regarding the prices of NPHP units, their eligibility criteria and terms and conditions about the allotment.
For more updates and details on this elaborative project, visit our website Property News.