LDA City Naya Pakistan Apartments – Updates 2021
Lahore Development Authority has recently signed an agreement with the Bank of Punjab to develop Naya Pakistan Apartments in LDA City Lahore. It is an agreement of PKR 10 billion for the construction of 4,000 apartments in the first phase. This agreement is signed in an official ceremony held in Lahore. This signing ceremony was chaired by CM Usman Buzdar, LDA DG Ahmed Aziz Tarar, and Chairman BoP, Zafar Masood.
LDA will construct 50,000 low-cost apartments in LDA City Lahore under this project. However, only 4000 apartments covering a land of 800 Kanal will be developed in the first phase.
Agreement Between LDA and BOP
According to the agreement, the Bank of Punjab will provide resources for this project. Moreover, the Lahore Development Authority will construct and allot apartments through balloting. Also, the building infrastructure will be maintained by LDA.
On the other hand, the Bank of Punjab will receive the applications, issue letters of comfort, and provide soft loans to successful applicants under Islamic mortgage financing.
While addressing in the ceremony, CM Usman Buzdar has said that working on the PM’s vision to provide a roof to homeless people, the Punjab Government, banks and the private sector has joint hands. They all are working together to provide residential facilities to the common person.
Latest Developments in LDA City Naya Pakistan Apartments
Last week, the Lahore Development Authority completed the first phase of opening tenders for this project. Moreover, the Punjab Cabinet has approved the procedure for the allotment and mortgage financing agreement with Bop.
Prices of LDA City Naya Pakistan Apartments
The estimated price of a 650 sq ft apartment in LDA City Lahore under the Naya Pakistan project is Rs 2.7 million. 10% of it will be payable as a down payment. The down payment amount for the apartments is PKR 570,000/-. But according to the latest news, the allottee of an apartment in LDA City will only have to pay PKR 270,000 while the government will pay a PKR 300,000 subsidy.
Moreover, the installments of the remaining amount of the apartment will be payable after the owner is given possession. So, it means that the allottee will not pay anything until the apartment ready.
LDA will prefer those who had applied for the Naya Pakistan Housing and Development Authority (NAPHDA) for houses.
These LDA City Naya Pakistan Apartments project will provide people with their own roof by paying small installments.