LDA approves construction of 4,000 apartments (Naya Pakistan Housing Project)

[Patriot forever]

First 4000 out of 35000 apartments in Lahore.
Unit cost is 25 lac per unit which is extremely affordable.
Only 10% down payment and rest of financing at long term attractive rates by banks under scheme.
I think this is affordable overall for lower middle class. Overall the financial model is excellent imo.

I do not know about Lahore but this is a steal if in Karachi.


LDA approves construction of 4,000 apartments

1423
0

ByShahab Omer

LAHORE: The governing body of Lahore Development Authority (LDA) on Thursday approved the construction of 4,000 residential units at a cost of about Rs10 billion in the first phase of LDA City Naya Pakistan Apartments project.
“All citizens who will be provided mortgage financing facility by Naya Pakistan Housing Authority and commercial banks will now be eligible to purchase these apartments,” a statement issued by the authority read.
The 7th meeting of the LDA governing body was presided over by Vice Chairman SM Imran. The meeting was informed that LDA has planned to construct these apartments on 563 kanals of land in Mouza Halloki within a year’s time. As many as 125 blocks of ground-plus-three-storey apartments, each comprising 32 residential units, will be built in the first phase.
Mosques and other amenities will also be provided in the area.
The meeting decided to construct infrastructure including roads, water supply and sewerage system, sidewalks, water treatment plots and other networks on 8,500 kanals of land reserved for constructing 35,000 apartments and approved PC-1 amounting to Rs20 billion for this purpose.
It also approved the financial model proposed by Aslam Malik & Company, the financial consultant appointed for the LDA City New Pakistan Apartments Project, for making the construction of these apartments viable.
The meeting was informed about the details of the mortgage financing facility by the Pakistan Housing Authority as well as banks for prospective buyers interested in purchasing these apartments. The purchasers will have to deposit only 10pc of the cost as down payment while the remaining 80pc would be transferred by the banks to the ESCRO account of the project.

LDA approves construction of 4,000 apartments

LAHORE: The governing body of Lahore Development Authority (LDA) on Thursday approved the construction of 4,000 residential units at a cost of about Rs10 billion in the first phase of LDA City Naya Pa

profit.pakistantoday.com.pk

 

[NAVDEEP DHALIWAL]

I will never recommend buying an apartment especially touted as lower cost.
Same thing in India, after 5_7 years the cement starts peeling off and there's no body to approach as the seller sold all the apartments and moved to 2nd project .
I would rather buy expensive ones after seeing the old apartments condition built by the builder.

 

[Trango Towers]

I will never recommend buying an apartment especially touted as lower cost.
Same thing in India, after 5_7 years the cement starts peeling off and there's no body to approach as the seller sold all the apartments and moved to 2nd project .
I would rather buy expensive ones after seeing the old apartments condition built by the builder.

Very well said and same happens in Pakistan. They deliberately use a lower sand to cement mixture. Ie. More sand less cement.

 

[Patriot forever]

I will never recommend buying an apartment especially touted as lower cost.
Same thing in India, after 5_7 years the cement starts peeling off and there's no body to approach as the seller sold all the apartments and moved to 2nd project .
I would rather buy expensive ones after seeing the old apartments condition built by the builder.

This is a government scheme meant for people who can not afford buying their own house.
You defeat the whole purpose if you increase the cost. As for the construction quality I think it will be regulated properly. This is a 35000 apartment well planned housing society, not local builder built 12 apartment building.

 

[I S I]

Same thing in India, after 5_7 years the cement starts peeling off and there's no body to approach

Imran said that he himself will come to plaster the walls if there's any issue with water leakage in apartments & peeling. So chill.

 

[Itachi]

I will never recommend buying an apartment especially touted as lower cost.
Same thing in India, after 5_7 years the cement starts peeling off and there's no body to approach as the seller sold all the apartments and moved to 2nd project .
I would rather buy expensive ones after seeing the old apartments condition built by the builder.

Pakistan ain't India...

We got scammers, traitors and shady businesses but none can top what you guys are capable of.

 

[newb3e]

naya punjab project?

 

[blueazure]

I will never recommend buying an apartment especially touted as lower cost.
Same thing in India, after 5_7 years the cement starts peeling off and there's no body to approach as the seller sold all the apartments and moved to 2nd project .
I would rather buy expensive ones after seeing the old apartments condition built by the builder.

unless there is strong supervision and tough QA/QC checks , im afraid the outcome is what you describe

however, given the fact that these are bank financed projects, the lenders wont let the govt contractors get away that fast

 

[313ghazi]

naya punjab project?

Housing is going to be built by developers. They're going to build them where they are likely to be able to sell them. You could build 4000 apartments in our pind in AJK but who's going to get 4000 people to buy them?

 

[NAVDEEP DHALIWAL]

No banks only give money, once the user sign the deed to own the apartment , the seller is free he will pay all the dues by selling apartments. Banks only want their money back with interest. They won't give a Damm about after sales service.
Exact same thing in India.

 

[I S I]

naya punjab project?

'banega naya Punjabistan'

 

[newb3e]

Housing is going to be built by developers. They're going to build them where they are likely to be able to sell them. You could build 4000 apartments in our pind in AJK but who's going to get 4000 people to buy them?

you dont think developers can sell apts in khi hyderabad mpk sukker qta? or punjabi boys dont want to spend money anywhere else?

'banega naya Punjabistan'

wardi wallon ka punjabi nawaj sab theek kar dayga!

 

[Awan68]

you dont think developers can sell apts in khi hyderabad mpk sukker qta? or punjabi boys dont want to spend money anywhere else?

wardi wallon ka punjabi nawaj sab theek kar dayga!

Nawaz is kashmiri not Punjabi.

'banega naya Punjabistan'

Han, banega, phir??? pat lo jo patna.

 

[newb3e]

Nawaz is kashmiri not Punjabi.

Han, banega, phir??? pat lo jo patna.

bannao bhai banna bhi chayeh Pakistan hai he Punjab sirf! baki toh qabza mafia ki protection aur thaikun ka game hai!

 

[313ghazi]

you dont think developers can sell apts in khi hyderabad mpk sukker qta? or punjabi boys dont want to spend money anywhere else?

wardi wallon ka punjabi nawaj sab theek kar dayga!

So this private business who is building in Lahore should instead build in a non Punjabi city? Why? Why don't Other businesses build there? Maybe they don't want to pay 10%?