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Pakistan has a large population of near about 22 million with a strikingly over 2% annual growth rate. With a high population, there always comes a high demand of housing and shelter and many people are seeing their scheme as a golden opportunity they must grab! As this issue was plaguing the masses lately, so to address the housing demands of this ever-rising population, the Government of Pakistan has taken an initiative by announcing to construct around 50 lakhs of housing units across Pakistan under the umbrella name of Naya Pakistan Housing Project.
It is a key governmental project consisting of affordable houses for the underprivileged, poor, and lesser income class of people. Under this program, a number of housing projects will be developed in all top cities of Pakistan that will culminate by the distribution of houses and apartments to the poor. It seems like the present government is quite concerned regarding this development project. Therefore, it has ordered all the relevant administrative agencies to apply maximum force to ensure completing the work at a fast speed.
As the Naya Pakistan Housing projects are multi-phased projects both location and time-wise, its updates can best be followed on the news media. Recently, the Lahore Development Authority (LDA) has invited applications for the allotment of two thousand units of LDA City Naya Pakistan Apartments, each unit covering an area over 650 square feet, according to a post published on the LDA’s official social media accounts.
Eligibility criteria of the LDA City NAYA PAKISTAN Apartments
As the project has been formally announced, the related civic agency has notified the eligibility criteria for its LDA City Naya Pakistan Apartments project to the public. For taking part in the balloting of the said scheme, applicants must have the following:
Steps to apply for the NAYA PAKISTAN APARTMENTS in LDA City
Anyone interested and the eligible individual must deal with the Bank of Punjab(BOP) in order to successfully apply. The basic application forms are available at the BOP’s branches and also at the official website of the Bank of Punjab (BOP). A processing fee of Rupees 5000 is required from applicants along with filled and completed forms to be submitted at any branch of the bank till 18 April 2021.
A balloting process is in place and the apartments will be allotted through a computerized ballot system. Eventually, the winner will receive a letter of comfort from the Bank of Punjab or the designated bank. Each apartment unit will cost about 27 lakhs rupees. Additionally, the eligible applicants can also file a separate application for getting a 300,000 (3 lakh) rupees subsidy from the Naya Pakistan Housing & Development Authority (NAPHDA).
Applicants who become successful in getting the subsidy will only have to pay a 10% down payment and the remaining applicants who are issued a letter of comfort will be depositing 21% down payments. The remaining due payments will be payable in monthly installments after receiving the possession of the apartments.
For the kind information of readers, the LDA City Naya Pakistan Apartments will feature 35,000 units of apartments, of which 4,000 units will be constructed in the first phase. This current phase is a project that is jointly ventured between LDA and Naya Pakistan Housing & Development Authority (NAPHDA).
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