The Lahore Development Authority (LDA) and the Bank of Punjab (BOP) have signed 10 billion contracts to build 4,000 apartments in this project.
Prime Minister Usman Bujdar supervise the signing ceremony. The contract has signed by LDA DG Ahmed Aziz Tarar and BOP Chairman Zafar Masood to build 4,000 apartments for LDA City Naya Pakistan Apartments in 800 Kanals area. The BOP will fund the project.
According to the transaction, LDA is responsible for creating and allocating apartments and maintaining building facilities through the balloting process. BOP accepts applications, issues letters of comfort to planned allottees, and provides soft loans to eligible applicants through Islamic mortgage financing.
At the ceremony, the Prime Minister said that the PM's vision of providing a roof for the homeless has realized by the Punjab government, which worked with banks and the public sector to provide shelter to the ordinary person.
Naya Pakistan Housing Authority will have Rs. 3 lakh subsidies, banks provide Islamic bank soft loans (takaful). Loans can be repaid over five, ten or twenty years, and directors are in place to ensure smooth performance, he said.
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