Press Release

Prime Minister Imran Khan performed groundbreaking ceremony of LDA City Naya Pakistan Apartments in Lahore. The Prime Minister said, “People will only pay installments instead of rent and will become owners of their own homes.” Speaking on this occasion, he said that he wanted to thank the courts and judiciary for their support in passing the foreclosure law in Pakistan. It is by virtue of this law that mortgage financing has been made possible in the country. Everyone desirous of constructing a house cannot be expected to have cash. Those who do not have money should be able to build houses with the help of banks. The LDA will construct 35,000 apartments in different parts of the metropolis under the LDA City Naya Pakistan project. Under the scheme, 4,000 apartments will be constructed in the first phase. Every apartment will cover 650 square feet area, having two bedrooms. The LDA has fixed a price of Rs. 2.7 million for each apartment, payable in easy installments. An allottee will be required to pay only Rs 270,000 as down payment. An amount of Rs 300,000 as cost subsidy from the NAPHDA would make the initial payment Rs. 570,000.