LDA City Naya Pakistan Apartments

The provision of low-cost housing to the deserved people of Pakistan has been one of the foremost promises of the incumbent Government of Pakistan, Pakistan Tehreek-e-Insaaf. Finally, after the meticulous efforts of the present government, the foundation of LDA City Naya Pakistan Apartments has been laid down. The sole purpose of this public project is to provide homes to the homeless. The premier, Imran Khan, inaugurated this top-notch project on April 9, 2021. This enticing project is a joint venture of the Lahore Development Authority and Naya Pakistan Housing & Development Authority. The civic bodies have planned to set up 35,000 houses, from which 4,000 apartments would be constructed in Phase-1. An agreement has been made between LDA and the Bank of Punjab, spanning a cost of PKR 10 billion. It is an obligation on the Bank of Punjab to provide soft mortgage loans to the allottees with comfortable terms and conditions following the principles of Islamic banking. Through computerized balloting, 2 thousand applicants have been selected who will get the apartments. LDA Lahore approved the construction of Phase-1 apartments in December 2020. On Prime Minister's directions, a HELP DESK has been established at the LDA office of Johar Town to guide the people regarding the related terms and conditions.

 

Location of the Project

Nowadays, every individual, whether young or aged, desires to live in a serene place. Far away from the turmoil and mayhem of the main city, LDA City Naya Pakistan Apartments will be constructed on the outskirts of Lahore. The REAL ESTATE Experts hold a colossal potential to provide people with a modern living experience at a lower cost. In an interview, LDA-Vice Chairman had said that this flagship project would be set up near Halloki Interchange. In the current year, the construction of 4000 apartments of Phase-1 is going to be finished.

 

Who is Eligible to Apply for LDA City Naya Pakistan Apartments?

It is usually a notion among the masses that only high-class people can purchase the plots and build their homes in modern living societies. Pakistan is a country where there exists a huge gap in the distribution of wealth among its people. One cannot deny this statement. To facilitate the people, the civic body under the umbrella of the Government of Pakistan has welcomed the people by offering its apartments at far lower prices compared to other societies of Pakistan.

Following mentioned are the people who can apply for these apartments:

  1.  Employees of Punjab government, LDA, WASA, and TAPA
  2.  People having a take-home income of PKR 50,000

 

How to apply for LDA City Apartments?

The Government of Pakistan has tried its best to soften the tedious departmental paperwork for the people's ease. An Application Form is available on the website of the Bank of Punjab. Eligible people must fill the form and submit it back to the Bank of Punjab with a processing fee of PKR 5000. The balloting is computerized. Afterward, ballot-winners can get this Letter of Comfort from any of the branches of the Bank of Punjab.

The selected allottees are required to submit a down payment of 10-21 percent to the management. The winning candidates for a subsidy will have to pay only a 10 percent down payment. On the other hand, the remaining ones will need to pay a 21 percent down payment for acquiring the apartment's possession. The sole purpose of designing this low-cost peri-urban housing is to provide needy people with homes; therefore, no installments will be submitted by the apartment owners during the first 18-months of construction work. The installment timeframe is 10-20 years. They will be allowed to give installments after he gets possession of the apartment.

The Naya Pakistan Housing & Development Authority has announced a subsidy of PKR 300,000 for the deserving allottees. The application forms are available on the official website of the Lahore Development Authority. The ballot-winners are required to fill this application form and dispatch it back within 15 days. The Naya Pakistan Housing & Development Authority (NAPHDA) is a legal body that will verify the applications and award the subsidies to the selected allottees.

For commercial plots'Open and Transparent Auction' had been arranged at LDA Community Centre for Phase 1. In the next phases of LDA City Naya Pakistan Apartments, similar auctions will be designed and function as per the legal officials of LDA.

 

Responsibilities of LDA & BOP

The candidates and allottees should cast a look upon these. It may help them following the required procedures.

 Duties of LDA

  1.  Construction of Apartments
  2.  Allotment of Apartments
  3.  Maintenance of Apartments

 Duties of BOP

  1.  Provides resources
  2.  Issue Letter of Comfort
  3.  Receive Applications
  4.  Provides Soft Loans to applicants under Islamic Mortgage financing

 

Construction, Size & Cost of LDA City Apartments

The Final Construction Design, prepared by the Lahore Development Authority, consists of apartments of different sizes. As per the government officials, Phase 1 construction requires this entire year. In this phase, 4000 tower apartments will be set up. A single tower would have four floors. There would be 135 vertical tower buildings; each tower would consist of 32 Residential units. The 650 sqft, 1100 sqft, 1500 sqft, and 2200 sqft are the available apartment sizes in this flagship project. In the first phase, only 4000 apartments having the size of 650 sqft will be constructed.

The total cost of a 650 sqft apartment is 2.7 million. The selected allottees will submit a down payment of 10-21 percent to the management. The subsidy-winners will have to pay only a 10 percent down payment. On the other hand, the remaining ones will need to pay a 21 percent down payment for acquiring the apartment's possession. As per the Prime Minister of Pakistan, the allottees will not pay the installment during the first 18-months of construction work. They will be obliged to pay the installments after acquiring the apartment's possession.

 

Directorate of LDA City Naya Pakistan Apartments

The official name of this directorate is 'Directorate of Housing.' The Director-General of LDA has established this directorate. Following the constitution of the directorate, the Additional DG of LDA will be the head of this board of directors. This body will deal with sales, marketing, and REAL ESTATE management. The directorate includes many other officials who are responsible for working with zero favoritism and providing homes to the homeless as per the mission of the LDA City Naya Pakistan Apartments.

 

For smart investment options, contact Apex Group.

https://www.apexgroup.pk/contactus

Related News / Blogs