ISLAMABAD, Pakistan (CU)_S. M. Imran, Vice-Chairman of the Lahore Development Authority (LDA), stated that the LDA plans to construct 4,000 apartments near Halloki to give economical housing to those with limited resources through a simple installment payment scheme. He told reporters that the apartments were the first of 5 million homes to be constructed under Prime Minister Imran Khan’s Naya Pakistan Housing Project on 8,500 kanals of land around Halloki, and that the project would be inaugurated next week by the PM.
S. M. Imran detailed on the LDA’s 4,000-apartment initiative, saying that it was planned to provide a home for the common man at a low cost, and that the LDA had given a tender. The Vice-Chairman claimed that banks would finance the joint venture between LDA and Naya Pakistan Housing and Development Authority (NAPHDA) in accordance with the State Bank of Pakistan’s Islamic banking policy, and that the installment plan would last 10-20 years.
According to S. M. Imran, the apartments will pave the groundwork for several more similar projects in the future and that the government is committed to providing homes for the masses. In response to a query, he claimed that the cost of an apartment would be about PKR 2.7 million and that an allottee would have to pay only PKR 270,000 at first. However, the NAPHDA would offer a PKR 300,000 subsidy, making the initial payment PKR 570,000.
He claimed that applicants who had applied for homes with NAPHDA a few months ago would be given priority, and that small monthly installments would allow people to own a home instead of renting and enriching landlords. He said: “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.”
“A 650 square feet apartment will have 2 rooms with an attached and a detached bathroom, kitchen, small lounge and a balcony while the master plan will ensure that an apartment building its own park, walkways, sewerage, treatment plants and grid-stations to meet all features of a modern community,” he added.
