Pakistan

Naya Pakistan Housing: 35,000 units to be constructed after deal inked between LDA, banks

Naya Pakistan Housing

Banks and the public sector have joined hands in order to provide residential facilities to common citizens of the country in Naya Pakistan Housing scheme. 

On Wednesday, Sardar Usman Buzdar, Punjab Chief Minister has announced that under the vision of providing a roof to the shelterless common people, 35,000 apartments are going to be constructed after a deal inked between banks and public sector LDA. While addressing the signing ceremony, Chief Minister announced Rs.10 billion agreement between the Bank of Punjab and LDA. 

Amed Aziz Tarar, DG LDA, and Zafar Masood, BoP chairman signed the agreement of construction of 4,000 apartments over an area of 800 Kanals for LDA City Naya Pakistan Apartments. In this regard, the Bank of Punjab will provide resources.  

Read More: PM Imran Khan Inaugurates Naya Pakistan Certificates for overseas Pakistanis

The CM added that this agreement would make its own way for a new culture that would help the needy people through bank loan financing. He further added by saying that LDA planning to construct 35,024 apartments at Mouza Halloke adjoining Ring Road that would complete in 3 years, over an area of 8,500 Kanals is quite satisfying.  

He took on Twitter and posted, “Financing agreement for Phase-1 of 35,000 apartments project, under Naya Pakistan Housing, signed today with the Consortium of 7 banks Islamic Financing mode will be used for mortgage financing.” 

Moreover, CM in the ceremony also said that PC-I worth Rs20 billion was approved for the facilitation of necessary infrastructure that includes sewerage, the supply of water, construction of roads, and the supply of electricity. Likewise, another PC-I of Rs. 10 billion was approved in order to construct 4,000 apartments in the very first phase. 

Read More: State Bank announces subsidized loans for Naya Pakistan affordable housing scheme

The booking of apartments will be made with a down payment of 10 percent and the remaining payment will be made in installments. While the total cost of each apartment will be around 2.7 million.  

Earlier, the cost of each apartment was expected approximately Rs. 4.5 million that has decreased to assist low-income households.  

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