LDA City, a new but brilliantly planned contemporary housing society in Lahore, is now offering apartments developing under Naya Pakistan Housing Program. NPHP is a budget-friendly housing project launched in October 2018 by PM Imran Khan. It is a total of 5 million houses designed and will be developed for the low-income class of Pakistan. In this context, the government has announced the construction of 35,000/- in LDA City Lahore. Let’s know more!
LDA City Apartments Under NPHP
The LDA City, low-cost apartments project, will span over a land of more than 8000 Kanal. However, LDA has approved 4,000 residential units worth Rs 10 billion in the first phase.
Further details are:
These first 4000 residential units are basically 2-bedroom apartments, each covering an area of 650 square feet. These two-bed apartments project of LDA City Lahore will cover the area of 563 Kanal while there will be a total of 125 blocks. These will be built in the form of four-storey blocks. Every block would consist of 32 residential units.
LDA has planned to construct and handover the possession of the apartments within 1 year. Located on the Mouza Haloki, these are low-cost but the best-planned, modern apartments under-development.
How Can You Purchase Your Apartment in LDA City Lahore?
LDA has also approved the financial model of this project
The estimated price of an apartment under the Naya Pakistan Apartment Program is 27 lacs that will be payable in easy installments. Moreover, Pakistan Housing Authority is offering the mortgage facility to purchase these LDA City Apartments in Lahore. Yes, sounds unbelievable, but it’s true!
The government has assigned different banks to provide easy loans to fund 80% of these apartments' costs. This mortgage financing facility on subsidized 5% markup rate. So, a purchaser can easily buy an apartment by depositing only 10% of the total cost while the banks would transfer 80% of the remaining.
Almost all the banks of Pakistan are offering loan facility to purchase these low-cost apartments in Lahore. However, some of these are Bank Al-Falah, Bank of Punjab, Faisal Bank, Habib Bank, UBL, Meezan Bank, and National Bank.
These banks will transfer the loans to the ESCRO account of the project.
Additionally, not only in LDA City Lahore, but the government is planning to develop these low-cost apartments in the following cities:
Soon, PM Imran Khan will inaugurate the construction of these 4000 apartments in LDA City Lahore. The second phase of the LDA City apartments will start at the beginning of 2022. So, stay connected with us to know more about the latest happenings and updates of this project!