Lahore: According to a recent news report, the Lahore Development Authority (LDA) Vice-Chairman S M Imran has said the cost of an apartment to be constructed under the LDA City Naya Pakistan scheme will be around Rs. 2.7 million, and the allottee will have to pay Rs. 570,000 as a down payment, out of which the government will give a subsidy of Rs. 300,000 per unit.
“The installments [of the remaining amount] will start after the owner is given possession of the apartment, which means the allottee will not pay anything during the first 18 months of the construction work”, Mr. Imran said in a press release here on Sunday.
He said that those who had applied for houses with the Naya Pakistan Housing and Development Authority (NAPHDA) a few months ago would be given priority, and that small monthly installment would allow people to own a home instead of paying monthly house rent.
“A 650 square feet apartment will have two rooms, with an attached and detached bathrooms, a kitchen, a small lounge and a balcony, while the master plan will ensure that an apartment building has its park, walkways, sewerage, treatment plants and grid stations, to meet all requirements of a modern community”, he explained.
He said the LDA had opened an ESCROW account specifically for the project to ensure transparency and avoid politically motivated criticism, and that the funds could not be used for any other purpose.
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