LAHORE: The governing body of the Lahore Development Authority (LDA) has approved construction of 4,000 residential units for Rs10 billion in the first phase of the LDA City Naya Pakistan Apartments project.

The approval was accorded in the 7th meeting of the LDA governing body presided over by Vice Chairman SM Imran on Thursday.

The meeting was informed that the LDA planned to construct these apartments on 563 kanals of land at village Haloki within a period of one year. As many as 125 blocks of four-storey apartments, each comprising of 32 residential units, would be built in the first phase.

The project is a part of the Prime Minister’s Naya Pakistan Housing Programme. All the citizens who would be provided mortgage financing facility by the Naya Pakistan Housing Authority and the commercial banks would be eligible for purchasing these apartments. The purchasers would have to deposit only 10pc of the cost as down payment while the remaining cost would be transferred by the banks to the escrow account of the project.

Financing available for all; buyers to deposit 10pc down payment

The meeting also decided to construct the infrastructure, including roads, water supply and sewerage system, sidewalks, water treatment plants, and other networks on 8,500 kanals of land reserved for construction of 35,000 apartments and approved PC-1, amounting to Rs20bn for this purpose.

LDA Director General Ahmed Aziz Tarar briefed the participants about the agenda of the meeting.

The meeting was informed that mosques and other amenities would also be provided in the area.

The meeting also approved the financial model proposed by the consultant firm appointed for the LDA City New Pakistan Apartments Project, for making the construction of these apartments a viable project.

The meeting was attended by MPA Sadia Sohail Rana from Lahore, Malik Mukhtar Ahmed from Kasur, Omar Aftab Dahlon from Sheikhupura, Muhammad Atif from Nankana Sahib and Wasa Vice Chairman Imtiaz Mahmood, the members of the governing body, retired Major Syed Burhan Ali and Engineer Amir Riaz Qureshi, Wasa MD Syed Zahid Aziz and representatives of housing, local government, finance, P&D departments as well as of the Lahore commissioner.

Published in Dawn, December 4th, 2020