LAHORE: The Governing Body of Lahore Development Authority (LDA) has accorded approval for construction of 4000 residential units at a cost of about Rs 10 billion in the first phase of LDA City Naya Pakistan Apartments project.
The buyers eligible for the apartments will be provided mortgage financing facility by the Naya Pakistan Housing Authority and the commercial banks, this was disclosed during a meeting of the LDA Governing Body held here on Thursday. LDA Vice Chairman Sheikh Muhammad Imran presided over the meeting. MPAs 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, members of the Governing Body Major (R) Syed Burhan Ali and Amir Riaz Qureshi, LDA Director General Ahmed Aziz Tarar, WASA MD Syed Zahid Aziz, Commissioner Lahore and representatives of provincial housing, local government, finance and P&D departments were present in the meeting.
The meeting was informed that the LDA had planned to construct these apartments on 563 kanals of land in Mouza Haloki in a period of one year. As many as 125 blocks of ground plus three-storey apartments, each comprising of 32 residential units, will be built in the first phase. Mosques and other amenities will also be provided in the area.
It also decided to construct infrastructure, including roads, water supply and sewerage system, sidewalks, water treatment plots and other networks on 8,500 kanals of land reserved for constructing of 35,000 apartments and approved PC-1 amounting to Rs 20 billion for this purpose.
The meeting also approved the financial model proposed by Aslam Malik and Company, the financial consultant appointed for the LDA City New Pakistan Apartments Project for making the construction of these apartments a viable project. It was informed about the details of mortgage financing facility by the Pakistan Housing Authority as well as the banks for buyers interested in purchasing these apartments.
Copyright Business Recorder, 2020