Under Phase 1 of the Naya Pakistan Housing Scheme, the Lahore Development Authority (LDA) has approved the construction of 4,000 apartments.
This project would cost approximately Rs. 10 billion, according to an LDA spokesperson, and residents will obtain prior facilitation to purchase the apartments.
The LDA Vice-Chairman, S. M. Imran, led the meeting to schedule this project. The Director-General of the LDA, Ahmed Aziz Tarar, briefed the meeting participants on the new agenda.
“The apartments will be built within a year on 563 canals of land in Mouza Haloki. On the site, as many as 125 blocks of four-story apartments will be constructed, and each block will consist of 32 residential units, while there will also be numerous mosques built here,” he said.
State officials also voted to build highways, water treatment plants, water supply and drainage systems, sidewalks, and related structures at the meeting.
8,500 kanals of land allocated for the construction of 35,000 apartments were also approved, according to sources, with a PC-1 form for a Rs. 20 billion kitty.
The participants also accepted the financial model proposed to make the development of these apartments a viable project by Aslam Malik & Co., a financial consultant to be named for the LDA City Naya Pakistan Apartments Project.
The meeting ended with a consensus to formulate a standard model to encourage the purchasing of these apartments by people who are eligible.
The Naya Pakistan Housing Authority and Bank Mortgage Financing will give buyers the option of paying a 10 percent down payment on their purchase while according to checked payment plans, 80 percent of the total cost is transferred to the mortgage lender’s account.