LDA announces 4,000 apartments under Naya Pakistan Housing Project.

LAHORE -- Lahore Development Authority (LDA) Vice-Chairman S.M Imran said the LDA would build 4,000 apartments near Halloki to provide affordable homes to the people with meagre resources under an easy installment plan.

Talking to newsmen here on Sunday, he said the 4,000 apartments were the first brick in the edifice of 5 million homes under Prime Minister Imran Khan's Naya Pakistan Housing Project on 8,500 kanals land around Halloki, adding that Prime Minister Imran Khan would inaugurate the project next week.

Elaborating on the 4,000 apartments project of the LDA, SM Imran said the project was meant to provide a home to a common man and it would cost very less, adding that the LDA had called for tenders.

The LDA Vice-Chairman said the joint venture of LDA and Naya Pakistan Housing and Development Authority (NAPHDA) would be funded by banks as per the State Bank of Pakistan policy on Islamic banking, adding that the installment plan would consist of 10-20 years.

To a question, he said an apartment would cost approximately Rs 2.7 million and an allottee would have to pay mere Rs 270,000 initially but Rs 300,000 subsidy from the NAPHDA would make the initial payment Rs 570,000.

'The installment 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', he elaborated. He said, preference would be given to the applicants who applied with...

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