Punjab’s Minister for Housing, Mian Mahmood-ur-Rasheed, said in a statement that the Lahore Development Authority (LDA) will soon commence the construction of 35,000 LDA New City Pakistan Apartments in the Mouza Haloki area near Raiwind Road, Lahore.
He added that Prime Minister Imran Khan will inaugurate the construction scheme for the project in a public ceremony this month.
While visiting the construction site along with the LDA Vice-Chairman, SM Imran, the minister disclosed that a budget of Rs. 20 billion had been commissioned to offer coverage for the infrastructural costs.
Discussing Phase-1 of the construction plan, Minister Mahmood-ur-Rasheed revealed that a little over 4,000 apartments will be built on 650 Kanal of land over the next 18 months for a total cost of Rs. 10 billion.
The infrastructure for 125 blocks of 4-story apartments will be constructed on a stretch of 563-Kanal of land. Each block will comprise 32 residential units, and each unit will have an area of 650 square feet and will contain two bedrooms.
Upon completion, these apartments will be auctioned off at a fixed price of Rs. 2.7 million with easy installment plans. The process will be initiated after aspects like the Allotment Procedure, Price, Eligibility Criteria, and the Terms and Conditions are defined by the Cabinet.
As per reports, buyers will be able to apply for allotments through the Bank of Punjab, for which the government will streamline a detailed marketing campaign via newspapers, television channels, and social media platforms.
For now, the provincial government has floated tenders for the commencement of the construction.