Owing to the influx of population in the country and poor housing conditions of people, the government of Pakistan has initiated a flagship project of the Naya Pakistan Housing Scheme. Under this project, more than 5 million affordable houses would be constructed for the underprivileged masses.
The primary focus of this initiative is to boost the housing situation in the country. Besides, the project also aims to create a myriad of job opportunities for the people, enhancing the job prospects for the youngsters.
Through this massive housing project, the real estate sector of Pakistan will also prosper as the demand would increase in the industries related to real estate. NPHP is progressing at a faster pace in different cities of Pakistan. In this article, you will know about the Naya Pakistan Housing Scheme Lahore project that is the LDA City Naya Pakistan Apartments.
LDA City Naya Pakistan Apartments:
Prime Minister Imran Khan, on April 9, 2021, has laid the foundation of LDA City Naya Pakistan Apartments. The Lahore Development Authority (LDA) has collaborated with the Naya Pakistan Housing & Development Authority (NAPHDA) to start this mega residential project.
As per the sources, the total cost of this massive project is PKR 170 billion that would be used to construct 35024 apartments in an 8500 Kanal area. The LDA City Naya Pakistan Apartments’ first phase will cover the construction of 4,000 units.
Construction and development are taking place at a faster pace, and the government is using all relevant agencies to ensure work is completed within the time frame.
According to the latest sources, LDA holds all the responsibility for the construction and allotment of the LDA City Naya Pakistan Apartments. All the procedural requirements, such as allotting apartments through balloting and providing maintenance of building infrastructure, are fulfilled under the supervision of LDA.
However, the Bank of Punjab (BOP) is responsible for providing all the resources and money for the project. The BoP will receive applications from all over the country, issue letters of comfort to expected allottees, and provide soft loans to successful applicants under Islamic mortgage financing.
The total amount of the project is ring-fenced, and the government of Pakistan is ensuring that this amount is not utilized on any other project and is completely utilized in the construction of the first 4,000 apartments installment of this project.
Eligibility Criteria for LDA City Naya Pakistan Apartments:
The authorities have publicized the eligibility criteria for LDA City Naya Pakistan Apartments project. To become a part of this residential venture, the candidates must:
- be employees of either the Punjab government, LDA, WASA, or TEPA
- have a salary of PKR 50,000
- become the owner of the house in 27 lac only
Below are some of the features of these apartments:
- 3 lac subsidy
- Easy Down Payment
- Installment payments start after shifting in apartments
How to Apply for LDA City Naya Pakistan Apartments?
Below is the detailed description for applying to this residential scheme:
- Fill out the application form that you can get from the official website of the Bank of Punjab (BOP)
- The applicants have to fill in and submit the forms along with a processing fee of PKR 5,000 at any branch of the bank
- The apartments will be allotted through a computerized ballot. The winning candidate will receive a letter of comfort from the Bank of Punjab or the designated bank. The cost of each apartment unit will be about PKR 2.7 million
- The eligible applicants can also submit a separate application for getting a PKR 300,000 subsidy from the Naya Pakistan Housing & Development Authority (NAPHDA)
- Those candidates who have succeeded in getting the subsidy have to pay only a 10% down payment. The remaining applicants who have a letter of comfort have to pay a 21% down payment. The leftover amount will be payable in monthly installments after getting possession of the apartments
Naya Pakistan Housing Scheme Lahore is a government-run housing scheme that was initiated to construct houses for the homeless population of Pakistan. Under this flagship project, LDA and Naya Pakistan Housing & Development Authority (NAPHDA) have collaborated to construct Naya Pakistan Housing Scheme Lahore/LDA City Naya Pakistan Apartments.
The apartments are affordable and are available at convenient installment plans. You can register yourself as per the eligibility criteria on the website of the Bank of Punjab.
For further details, visit the official website of the Naya Pakistan Housing Project.
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