Lahore Development Authority (LDA) Vice-Chairman S M Imran said the LDA would build 4000 apartments near Halloki to provide affordable homes to the people with meager resources under an easy installment plan.
In an interview with APP here on Sunday, he said the 4000 apartments were the first brick in the edifice of 5 million homes under Prime Minister Imran Khan’s Naya Pakistan Housing Project on 8500 kanals land around Halloki, adding that Prime Minister Imran Khan would inaugurate the project next week.
Elaborating on the 4000 apartments project of the LDA, SM Imran said the project is meant to provide a home to a common man and it would cost very little, adding that the LDA had called for tenders.
The LDA Vice Chairman said the joint venture of LDA and Naya Pakistan Housing and Development Authority (NAPHDA) would be funded by banks as per the State Bank of Pakistan policy on Islamic banking, adding that the installment plan would consist of 10-20 years.
To a question, he said an apartment would cost approximately Rs 2.7 million and an allottee would have to pay mere Rs 270,000 initially but Rs 300,000 subsidy from the NAPHDA would make the initial payment Rs 570,000.
“The installments 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”, he elaborated.
He said preference would be given to the applicants who applied with NAPHDA for homes some months ago, adding that small installments would enable people own a home of their own instead of living on rent and making the landlords richer every month.
“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 elaborated.
To further ensure transparency and avoid political victimization against the project, Vice Chairman LDA S M Imran said the LDA had decided to open an escrow account for the project, adding that escrow accounts were opened for a specific purpose and its funds cannot be used for any other purpose.
SM Imran a quota has been fixed for journalists and lawyers besides the government employees, adding that the main share in apartments would be of the public at large.
The LDA Vice Chairman said the 4000 apartments would lay the foundation of many other such projects to follow, adding that the government was committed to providing the masses with homes of their own.