4,000 residential units worth Rs10bn to be developed under LDA City Project

LAHORE: Construction of 4,000 residential units worth Rs10 billion was approved by the Lahore Development Authority (LDA), under phase one of the LDA City Naya Pakistan Apartments Project.

The project will span over on 563 kanals of land, located at Mouza Haloki.

Under the first phase of the project, 125 blocks of ground plus three-storey apartments, each comprising 32 residential units will be developed, in addition to other amenities including mosques and shops.

To accommodate the buyers, the Naya Pakistan Housing Authority (NPHA) formed a consortium of seven banks, to provide mortgage facilities.

The approved financial model allows the consortium of seven banks to provide 80 per cent cost of these apartments as soft loans in the form of a mortgage financing facility to those willing to purchase the apartments.

Under this facility, the buyers are allowed to deposit only 10 per cent of the cost as down payment, whereas the remaining payment can be transferred to the ESCRO account of the project by the banks.

This was announced in the seventh meeting of the LDA Governing Body, chaired by Vice-Chairman SM Imran.

The meeting also approved PC-1 worth Rs20 billion, for the construction of basic infrastructure, including road network sidewalks, water treatment plants, water supply and sewerage system on 8,500 kanals of land reserved, under the 35,000 apartments project.

The attendees of the meeting included LDA Director General Ahmed Aziz Tarar, MPA Sadia Sohail Rana (Lahore), MPA Malik Mukhtar Ahmed (Kasur), MPA Omar Aftab Dahlon (Sheikhupura), MPA Muhammad Atif (Nankana Sahib), and Water and Sanitation Agency (WASA) Vice-Chairman Imtiaz Mahmood.

 

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