LAHORE: Prime Minister Imran Khan will inaugurate the LDA City Naya Pakistan project this week, informed Lahore Development Authority (LDA) Vice-Chairman S M Imran.
The construction of the 4000 apartments is a joint venture of LDA and Naya Pakistan Housing and Development Authority (NAPHDA) and is aimed at providing affordable housing to the low-income groups, with an easy 10-20 years instalment plan.
To ensure transparency, an escrow account dedicated to the project will be opened by the developmental authority so that the allotted funds are only used for this purpose.
The installation process will start after the owner is given possession of the apartment. Once the possession is allotted, the allottee will initially pay Rs.270,000, along with a NAPHDA subsidy worth Rs.300,000 – a total sum of Rs.570,000.
No allottee will pay any instalment during the first 18 months of construction work.
The 650 sq. ft. apartment, under the project, comprises 2 rooms, an attached and a detached bathroom, kitchen, small lounge and a balcony. Whereas, the features of the apartment building includes parks, walkways, sewerage and treatment plants and grid-stations to enable a modern lifestyle.