With the objective of constructing 50,000 housing units, an effort can be seen in the form of ‘LDA City Naya Pakistan Apartments’. Under this project, the government has approved the construction of 35,000 affordable apartments. This project is being initiated by the Lahore Development Authority (LDA).
LDA City Naya Pakistan Apartments
LDA City Naya Pakistan Apartments project has been approved by the government of Punjab. The project is in its initial phases. Lahore Development Authority (LDA) has released the project details.
Size Of Apartments
According to the released details, the apartments decided to construct in 650sqft, 1100sqft, 1500sqft, and 2200sqft. In the initial phase of the construction 4000 apartments of 650sqft decided to develop.
Location Of The Project
Currently the project planned to develop by Lahore Development Authority (LDA). The project decided to develop in Lahore near Halloki Interchange. The project covers over the area of 563kanal. Project decided to complete over the time period of three years.
Cost Of Initial Phase Of The Project
The Lahore Development Authority released the details about initial cost of the project. The cost for the development of 4000 apartments in the initial phase costs at Rs10 billion. For this purpose, LDA recently made an agreement with the Bank of Punjab (BoP) for financing of the project. The potential buyers can avail of mortgage financing from Bank of Punjab (BoP). Buyers can make use of installments for financing their apartments.
Construction Cost Of One Apartment of LDA City Naya Pakistan Apartments
The cost of one housing unit in the first phase set at Rs2.7 million. Buyers may purchase the apartment by paying a down payment of 10%. While the remaining amount can be paid in installments over the time frame of 20 years.
Area of this type of apartments is 650sqft in the first phase. Moreover, a video released regarding the layout plan of the project. The plan contains construction of a 150feet wide road. The project includes development of family parks, community centres, cycling tracks, and mosques.
This project includes 35,000 apartments decided to develop in the formation of towers. While 4000 apartments in the first phase will be constructed in vertical buildings consisting over four floors. The number of these four-floor -vertical towers will be 135 and each tower will comprise 32 residential units. Likewise, 35,000 apartments decided to develop over an area of 8500kanals.
Constitution Of A Directorate
Director LDA, General Ahmed Aziz Tarar has constituted a directorate for the construction of 4000 apartments in the first phase. The directorate officially called the Directorate of Housing. Headed by the Additional Director General (Urban Planning). The directorate will do operations related to sales, marketing, and estate management.
The Lahore Development Authority (LDA) and the Bank of Punjab (BOP) recently signed an agreement worth Rs. 10 billion. Under which the bank will financial assistance for the construction of LDA City Naya Pakistan Apartments.
How to apply Naya Pakistan LDA Apartments (Online Forms) ?
To apply for the Naya Pakistan LDA apartments online form is available on the website of the Bank of Punjab https://www.bop.com.pk/LDA/OnlineApplication.aspx . You can access the online form and after filling the form of Bank of Punjab submit it online with the required information.
Only those buyers can apply for the financing from the Bank of Punjab who are residents of the Province of Punjab. Moreover, the applicant of financing from Bank of Punjab does not take salary of more than Rs50,000 per month.