LDA to Seek Punjab Cabinet Approval for Allotment Mechanism of 4,000 Apartments
-- The governing body also approves draft of the agreement between LDA and the Bank of Punjab for issuance of Letter of Comfort by the bank to the prospective allottees, extending loan facility to them for purchasing apartments and transferring these amount into the special bank account established for the project
LAHORE– The Lahore Development Authority (LDA) has sought approval of the mechanism for allotment of 4,000 apartments, to be constructed under the first phase of LDA City Naya Pakistan project, from the Punjab Cabinet. It has decided to place a summary before the Chief Minister, Punjab, for this purpose.
The government will further be requested through the summary for determining the price of a unit, eligibility criteria for prospective purchasers as well as terms and conditions for allotment of apartments.
Vice Chairman Lahore Development Authority, SM Imran, presided the first meeting of 2021 of LDAs governing body, here, Tuesday. Director General LDA Ahmed Aziz Tarar briefed the participants about the agenda items and compliance status of the previous meeting.
The meeting approved draft of the agreement between Lahore Development Authority and Bank of Punjab for issuance of Letter of Comfort by the bank to the prospective allottees, extending loan facility to them for purchasing apartments and transferring these amount into the special bank account established for the project.
The meeting also approved regulations for opening and operating a special ESCROW account for the loans being provided by the banks to the allottees for funding the construction of these apartments. These funds would not be used for any purpose other than the construction of apartments.
LDA has planned to construct a total of 4000 apartments, each comprising of two bedrooms and covering an area of 650 square feet. The apartments will be built in the form of four-storey blocks, on 563 kanals of land at a cost of about Rs. 10 billion. Every block will consist of 32 residential units and a total of 125 such blocks will be constructed under this project.
Lahore Development Authority already has invited tenders from builders, firms and contractors registered with Pakistan Engineering Council (PEC) in category C-4 and above for construction of LDA City New Pakistan Apartments. It has also invited consultant firms for expressing interest in Resident Supervision of this project. A timeline of one and a half year has been set for completion of these apartments.
The price of an apartment has been estimated as Rs. 27,06,519/- which will be payable in form of easy monthly installments. Applications for allotment will be received through Bank of Punjab and wide publicity will be carried out through newspapers, electronic media and digital media for the information of general public in this regard.
Earlier, in its last meeting the governing body of LDA had approved PC-1 worth about Rs. 20 billion for construction of roads, water supply and sewerage system, sidewalks, and other infrastructure on 8,500 kanals of land earmarked for construction of 35,000 apartments in Halloki area of LDA City.
For improving service delivery and to avoid public inconvenience,
the meeting decided to reorganize the LDA Housing Wing in order to better manage the ownership issues and transfer of plots in LDA housing schemes in minimum possible time. For this purpose the Land Development and Estate Management Directorates were unified and converted into housing directorates. These Directorates will perform all the functions being done by the previous directorates separately.
In order to promote investment and create job opportunities, the meeting allowed change of land use on payment of conversion fee under Land Use Regulations 2020 for launching area development project at two places in Lahore. The first project will be started on land measuring 88 Kanal 14 Marla on Defense Road while the other will be started on 101 Kanal and 18 Marlas land on Raiwind Road.
The meeting also decided to allow 50 percent reduction in the amount of fines imposed on an educational institution located in Faisal Town for non-compliance with construction rules to encourage non-profit organizations working for the promotion of education.
The meeting also allowed processing of application for setting up a land sub-division in settlement area in the light of LDA Private Housing Scheme Rules 2014.
The meeting accorded approval of proceedings for selection of consultant for preparation of new master plan for Lahore division.
It also approved financial proposal amounting to Rs. 518 million as consultancy charges to be paid to the qualifying firm Dar-Al-Handsa of Lebanon.
The meeting also approved to set up a committee of experts to review the various works carried out by the consultant during the preparation of the master plan.
The meeting decided to formulate LDA Private Housing Schemes Regulations in order to make the process of approval of private housing schemes,within the limits of Lahore Division, transparent and easy. For this purpose a committee headed by Chief Metropolitan Planner was approved.
The meeting of the Governing Body was participated by MPAs Sadia Sohail Rana from Lahore, Vice Chairman Wasa Sheikh Imtiaz Mahmood, Major (retd) Syed Burhan Ali, Engineer Amir Riaz Qureshi, MD Wasa Syed Zahid Aziz and representatives of provincial Housing, Local Government Finance, P&D departments and Commissioner Lahore. — PRESS RELEASE