LAHORE - The Lahore Development Authority (LDA) has sought approval of the mechanism for allotment of 4,000 apartments, to be constructed under the first phase of the LDA City Naya Pakistan project from the Punjab Cabinet.
It was stated by LDA Vice-Chairman SM Imran while presiding over the first meeting of 2021 of LDA governing body, here at LDA office on Tuesday.
LDA Director General Ahmed Aziz Tarar briefed the participants about the agenda items and compliance status of the previous meeting.
During the meeting, it was decided to place a summary before the Chief Minister Punjab in which the government would be requested for determining the price of a unit, eligibility criteria for prospective purchasers as well as terms and conditions for allotment of apartments.
The meeting approved draft of the agreement between LDA and Bank of Punjab (BoP) for issuance of Letter of Comfort by the bank to the prospective allottees, extending loan facility to them for purchasing apartments and transferring these amount into the special bank account established for the project.
The meeting also approved regulations for opening and operating a special ESCROW account for the loans being provided by the banks to the allottees for funding the construction of these apartments. These funds would not be used for any purpose other than the construction of apartments.
LDA has planned to construct a total of 4000 apartments, each comprising of two bedrooms and covering an area of 650 square feet.
The apartments would be built in the form of four-storey blocks, on 563 kanals of land at a cost of about Rs. 10 billion. Every block would consist of 32 residential units and a total of 125 such blocks would be constructed under this project.
LDA already had invited tenders from builders, firms and contractors registered with Pakistan Engineering Council (PEC) in category C-4 and above for construction of LDA City New Pakistan Apartments. It had also invited consultant firms for expressing interest in Resident Supervision of this project. A timeline of one and a half year had been set for completion of these apartments.
The price of an apartment had been estimated as Rs. 27,06,519/- which would be payable in form of easy monthly installments. Applications for allotment would be received through Bank of Punjab and wide publicity would be carried out through newspapers, electronic media and digital media for the information of general public in this regard.
The meeting of the Governing Body was participated by MPAs Sadia Sohail Rana, Vice Chairman Wasa Sheikh Imtiaz Mahmood, Major (retd) Syed Burhan Ali, Engineer Amir Riaz Qureshi, MD Wasa Syed Zahid Aziz and representatives of provincial Housing, Local Government Finance, P&D departments and Commissioner Lahore.
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