Vision of providing roof to shelter-less being materialized: CM

LAHORE: Punjab Chief Minister Sardar Usman Buzdar on Wednesday said the prime minister’s vision of providing roof to the shelterless had been materialized by the Punjab government as banks and the public sector had joined hands to provide residential facilities to the common man.

He was addressing the Rs 10 billion agreement signing ceremony between LDA and the Bank of Punjab at his office.

DG LDA Ahmed Aziz Tarar and BoP chairman Zafar Masood signed the agreement for constructing 4,000 apartments for LDA City Naya Pakistan Apartments over an area of 800 Kanals. The BoP will provide resources for the project.

The CM maintained that the historic agreement would pave the way for a new culture to help the needy through mortgage financing. It was satisfying that the LDA had planned to construct 35,024 apartments over an area of 8,500 Kanals in three years at Mouza Halloke adjoining Ring Road, he said.

Meanwhile, the chief minister said that PC-I worth 20 billion rupees had been approved for the provision of necessary infrastructure, including construction of roads, sewerage, the supply of water and electricity etc.

Similarly, the CM added that another PC-I of Rs10 billion had also been approved to construct 4,000 apartments in the first phase. The apartment's booking would be made through a 10 per cent down payment and the rest of the payment will be made in installments, he added. An apartment would approximately cost Rs 2.7 million, the CM continued. Initially, the CM said that the apartment cost was estimated at around 4.5 million rupees but was decreased to facilitate the low-income households.

Giving further details about the scheme, the CM added that a consortium of Punjab Bank, Habib Bank, Faisal Bank, Bank Alfalah, UBL, Meezan Bank and National Bank had been formed to provide a mortgage financing facility.

The Naya Pakistan Housing Authority would provide Rs 3 lakh subsidy while banks will provide soft loans under Islamic banking (takaful). The loans will be payable in a period of 5, 10 and 20 years and a directorate had also been established to ensure a fast-track implementation, he added.

The CM was briefed that a residential block would comprise 32 units while more than 60 per cent of space had been reserved for roads, green belts, parks and footpaths.

The four storeys 125 blocks will be constructed and the area of each apartment will be 650 square feet. Each apartment will comprise two bedrooms, two bathrooms and a balcony. The payment of installments will start after possession.

According to the agreement, the LDA will construct and allot apartments through balloting 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.

Housing Minister Mian Mahmood ur Rasheed, MPAs Sadia Sohail Rana, Umer Aftab, vice chairman LDA SM Imran, vice chairman WASA Sheikh Imtiaz, secretaries of housing and information departments, Chief Engineer LDA, DGPR and others also attended the ceremony.