As per the news, the Lahore Development Authority (LDA) has reported that the construction price of an apartment in LDA City Naya Pakistan has increased from PKR 2247 million to PKR 295 million.
Unit price changes occurred after the cost increase of construction materials, steel bars, and cement. It is known that the cost increase for the project has increased to PKR 2.80 billion in the last year.
LDA Director-General (DG) Ahmed Aziz Tarar said the government will provide relief to those allocated through subsidy to bear the burden of increased costs. To this end, the LDA and the Bank of Punjab (BOP) have signed an agreement to provide mortgage loans to buyers.
The contract between the LDA and the BOP is called the 'Project Mortgage Certificate'. This contract allows allottees to be paid through banking channels
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