Lahore Development Authority (LDA) has sought approval from the provincial cabinet over the allotment mechanism of 4,000 apartments to be built under the Naya Pakistan project.
The decision was taken during the first meeting of LDA’s governing body of the current year, presided over by Vice Chairman S M Imran, on Tuesday.
The governing body also decided to send the summary to Punjab Chief Minister (CM) Sardar Usman Buzdar to decide about the price of the units, eligibility criteria for prospective purchasers as well as terms and conditions for allotment of apartments.
The meeting also approved the draft of an agreement between LDA and Bank of Punjab for the issuance of a letter by the bank to the prospective allottees, extending loan facility to them for buying apartments and transferring the amount into the special bank account opened for the project.
The regulations for opening and maintaining a special escrow account for safekeeping loans provided by the banks to the allottees for funding the construction of the apartments were also approved.
The LDA has planned to construct a total of 4,000 apartments, each spread over an area of 650 square feet. All the apartments will have two bedrooms.
The apartments will be built in the form of four-storey blocks, on 563 kanals of land at a cost of about Rs10 billion. Every block will consist of 32 residential units and a total of 125 such blocks will be constructed under the project.
The authority has already invited tenders from builders, firms and contractors registered with Pakistan Engineering Council (PEC) in category C-4 and above for construction of LDA City Naya Pakistan Apartments. A timeline of one and a half years has been set for completion of the apartments.
The price of an apartment has been estimated at Rs2.7 million, which will be payable in the form of monthly installments.
Published in The Express Tribune, January 27th, 2021.
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