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LDA City Naya Pakistan Apartment Project A Revolutionary Step

08/03/2021

LDA City Naya Pakistan Apartment Project A Revolutionary Step

To address the housing needs of growing population, Government of Pakistan has announced to construct around 5 million housing units across Pakistan under Naya Pakistan Housing Project. It is a key project comprising of affordable houses for lower income group people throughout the country. Under this initiative, a number of housing projects will be developed in all major cities of Pakistan.

It seems like the present government is serious about this development project thus it has directed all the relevant agencies to exert maximum power to ensure completing the work at fast pace. Therefore, Naya Pakistan Housing Project is in news in almost every week, for all the right reasons. Under the Prime Minister’s direction, Lahore Development Authority (LDA) has announced a mega apartment development project in LDA City, Lahore – which is in line with the incumbent master plan of 5 million housing project. In today’s post, we will sum up every detail and happening about this project.

Master plan of LDA City apartment project

The Lahore Development Authority (LDA) stepped up to develop almost 50,000 residential units for employees of LDA, other government departments and general public. Under this initiative, it has announced a mega multi-storey apartment project within LDA City spreads over 800 kanals. To speed up the process, the civic authority has already signed an agreement with Bank of Punjab of PKR 10 billion for the construction of 4,000 apartments. The government has authorized officials to closely monitor the development project so that its financing will be completely utilized on the construction of 4,000 apartments and not on any other development project.

LDA will be sole responsible for the construction and allotment of the projects while all financial resources will be provided by the Bank of Punjab. The civic authority will allot apartment through balloting, while the applications will be submitted to BoP and the bank will provide soft loans to the successful applicants under Islamic mortgage financing.

LDA completes first phase of tenders

Recently, the civic authority has completed its first phase of opening the tenders for construction of 4,000 apartments. The Punjab Cabinet has already approved the procedure for allotment of the apartments besides giving a go ahead for an agreement with the Bank of Punjab to finance the construction of this mega development project in Lahore.

As per details, it is revealed that six contractor companies have filed their bids for building 256 apartments under package four of phase 1. LDA had announced four tenders for the construction of two blocks in each case. There will be a total of 32 apartments in each block. Earlier in previous month, LDA opened two tenders for construction of 960 apartments in the beginning of February, three tenders for construction of 768 apartments on February 13 and another three tenders for construction of 384 apartments on February 17.

The opening of tenders were supervised by Engineer Amir Riaz Qureshi, the technical member of LDA Governing Body. Currently, the technical bids of these companies were opened as the financial bids will be opened after evaluating the technical bids of the contractors.

Estimated cost of the LDA apartments

It is discussed that apartments will be spread over 650 sq. ft. and the price will be around PKR 2.7 million. These apartments can be booked by paying a meagre 10 percent down payment. The remaining amount is would be payable through easy instalments, which will only start once the possession of constructed unit.

Environmental approval of LDA City apartment project

The public hearing of the Environmental Impact Assessment report of LDA City Naya Pakistan Apartments project has already been taken place. All citizens and stakeholders were invited to the public hearing. LDA sent an application to Punjab Environmental Protection Agency for environmental approval of LDA City New Pakistan Apartments construction project.

For information of citizens and stakeholders, the copies of the Environmental Impact Assessment report of the project have already been made available at three locations by Lahore Development Authority including the office of the Environmental Protection Agency, Hockey Stadium, the Deputy Director office – Department of Environmental Protection, and the Office of the Chief Engineer, LDA.

Latest update

Lahore Development Authority (LDA) Vice-Chairman SM Imran confirmed that Prime Minister Imran Khan would inaugurate the LDA apartment project within a week. Elaborating about the project, the chairman said that the project is an initiative to provide low cost homes to lower income group and stated the overall pricing of the housing units is very less.

It is joint venture of LDA and Naya Pakistan Housing and Development Authority (NAPHDA) that would be funded by the banks as per the State Bank of Pakistan policy on Islamic banking. And instalment plan would spread over 10 to 20 years. An apartment would cost approximately PKR 2.7 million and the allottee would have to pay mere PKR 270,000 initially but PKR 300,000 is a subsidy from the NAPHDA that would make the initial payment PKR 570,000.

“The instalment will start after the owner is given possession of the apartment which means the allottee will not pay anything during the first 18 months of construction work”, SM Imran elaborated. It is also revealed that preference would be given to the applicants who applied with NAPHDA for homes some months ago.

He said that houses are priced nominally, especially when the allottee does not have to pay for one and a half year as it would help people strive to own a home of their own and get out of the circle of monthly rent.

Discussing about the apartment design, he said that a 650 square feet apartment will have 2 rooms with an attached and a detached bathroom, kitchen, small lounge and a balcony while the master plan will ensure that an apartment building has its own park, walkways, sewerage, treatment plants and grid-stations to meet all features of a modern community.

The government is committed to provide low cost homes to masses and these 4,000 apartments would lay the foundation of many other such projects to follow.

This is all about the LDA City apartment project so far but if you have a query regarding this project, you can write us at contact@homespakistan.com and our experts would get back to you. For other updates and latest happenings, visit our Facebook page and interact with us over there. Looking forward to hear from you.

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