LAHORE: The governing body of Lahore Development Authority (LDA) has decided that all the terms and conditions for the 4,000 residential apartments to be constructed in the first phase under the LDA City Naya Pakistan Apartments project will be approved by the Punjab cabinet.
According to details, the procedure, price, eligibility criteria and conditions for allotment of apartments will be sought from the Punjab cabinet and a summary will be sent to Punjab Chief Minister Sardar Usman Buzdar.
Under the project, 125 blocks of four-storey apartments will be constructed on 563-kanal land with the estimated cost of Rs10 billion. One block will consist of 32 residential units and each apartment will consist of two bedrooms and have an area of 650 square feet.
The price of one apartment has been fixed by the LDA at Rs276,500, which will be received in easy monthly installments, and tenders have been called for the construction of apartments, which is targeted to be completed in one and a half year.
The applications for allotments will be received through Bank of Punjab and for this purpose, advertisements will be given through newspapers, television channels and digital media.
The governing body’s first meeting of 2021 was held under the chair of LDA Vice Chairman Imran on Tuesday, where LDA Director General Ahmed Aziz Tarar briefed the participants about the agenda.
In the meeting, a draft of agreement between LDA and Bank of Punjab was approved regarding issuance of letters of comfort and loans for allotment of apartments to applicants, and transfer of money to the special account set up for the project.
The meeting approved regulations for opening and operating a special account to keep the funds provided by the bank. The funds would not be used for any purpose other than the construction of apartments.
The meeting also decided to reorganise the LDA Housing Wing to streamline the ownership and transfer of plots in LDA housing schemes in the shortest possible time, and merge Land Development Directorate and State Management Directorate to form the Housing Directorate, which would serve as both types of directorates.
The meeting, in the light of LDA Private Housing Scheme Rules 2014, gave permission to process the case of land sub-division in the pre-existing settlement area of Mouza Mohalnawal.
During the meeting, some amendments in rules were made to change the use of land in exchange for collection of commercialization fee for launching area development projects at two locations in Lahore under Land Use Regulations 2020 to create employment and investment opportunities. One area development project will be started on 88-kanal land at Defence Road while the other on 101-kanal land at Raiwind Road.
The meeting agreed to reduce the amount of fines, imposed on an educational institution in Faisal Town for non-compliance with the construction rules, by 50 per cent to encourage non-profit organisations working for the promotion of education.