LAHORE: Chief Minister Usman Buzdar on Wednesday presided over the Rs10 billion agreement-signing ceremony between LDA and the Bank of Punjab for financing the LDA City Naya Pakistan Apartments.
LDA DG Ahmed Aziz Tarar and BoP Chairman Zafar Masood signed the agreement for constructing 4,000 apartments over an area of 800 kanals. The BoP will provide financial resources for the project.
According to the agreement, the LDA will construct and allot apartments through ballot and will also be responsible for the maintenance of building infrastructure. The BoP will receive applications, issue letters of comfort to expected allottees along with the provision of soft loans to successful applicants under Islamic mortgage financing. The project amount will be ring-fenced.
“It is satisfying that the LDA has planned to construct 35,024 apartments over an area of 8,500 kanals in three years at Mouza Halloke adjoining Ring Road,” the CM said while speaking on the occasion.
Meanwhile, the CM said PC-I worth Rs20bn had been approved for the provision of necessary infrastructure including construction of roads, sewerage, the supply of water and electricity etc.
“Similarly another PC-I of Rs10bn has also been approved to construct 4,000 apartments in the first phase. The apartments booking will be made through a 10 per cent down payment and the rest of the dues will be made in installments,” he said.
Published in Dawn, February 25th, 2021
