Addressing a groundbreaking ceremony of Lahore Development Authority (LDA) City Naya Pakistan Apartments on Friday, PM Khan praised the courts for allowing the government to implement the foreclosure law.
Reiterating how this can be a substitute for the rental arrangements people have, Imran Khan said, “People will only pay installments instead of rent and will become owners of their own homes.”
Prime Minister @ImranKhanPTI inspected and performed groundbreaking of LDA City Naya Pakistan Apartments in Lahore. He was given briefing on the project.
— Prime Minister's Office, Pakistan (@PakPMO) April 9, 2021
He stated that the status quo has adopted a system of bribery and did not want the country to change for the better. “Pakistan would have to transform itself if it needed to meet the challenges of the 21st century,” he remarked.
“Automation is essential if we want to increase our ease of doing business and bring down costs,” he said, adding that there was a lot of resistance to this.
The premier appreciated the efforts of LDA, saying: “The LDA has brought about a lot of improvements in itself.”
The premier began his address by congratulating Punjab Chief Minister Usman Buzdar and the Punjab government on the launch of the scheme.
“There is a lot of work that went into where we are today,” he said, highlighting that nothing would have been possible without the passage of foreclosure laws. “Without foreclosure laws, banks would not provide financing which is called mortgage financing.”
PM Khan also mentioned the two principles for making Pakistan a great country: social welfare and rule of law.
By providing people welfare, he said. “The state of Madina took responsibility for the weak segments of society. And we are also trying to do the same.”
The LDA will construct 35,000 apartments in different parts of the metropolis under the LDA City Naya Pakistan project.
Under the scheme, 4,000 apartments will be constructed during the first phase. Every apartment will cover a 650 square feet area, having two bedrooms.
The LDA had a fixed price of Rs2.7million for every apartment which will be taken in easy installments.
Earlier, Punjab Minister for Housing and Urban Development Mian Mehmood-ur-Rasheed said that the Punjab government has assigned all development authorities in Lahore and other big cities of the province to build housing units for the low-income people.
The provincial minister said these plans are being replicated in Gujranwala, Multan, Faisalabad, and Rawalpindi to provide homes to the low-income population of the country, as per Prime Minister’s vision.