LDA signs deal worth Rs10bn for construction of 4000 apartments

LAHORE: Lahore Development Authority (LDA) and Bank of Punjab (BoP) have entered a deal of Rs10bn for financing the construction of 4000 apartments.

The agreement took place under the presence of Chief Minister Punjab; furthermore, the agreement was signed by the Director General, LDA, and Chairman BOP for the development of 4000 apartments.

According to the details of the agreement, the procedure of allotment will be performed by LDA through balloting while the civic authority will also be responsible for the maintenance of the apartments.

On the part of BOP, the bank will collect applications, provide financial services to potential buyers through soft loans in the light of Islamic mortgage financing, and issue letters of comfort.

While speaking on the occasion, the CM Punjab was of the view that the LDA City Naya Pakistan Project is a step towards providing affordable housing to the low-income people as envisioned by the Prime Minister of Pakistan.

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