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Committee Formed to Deliberate LDA Apartment Price Increase

Lahore Development Authority (LDA) has reportedly asked the Punjab government to increase the pricing of LDA City Apartments, according to news reports. Nonetheless, the administration has organized a committee to discuss the matter and evaluate the possible possibilities.

The LDA officials informed Chief Minister Usman Buzdar that the total cost of the units has climbed to PKR 2.95 million due to the rising cost of construction materials. Previously, poor and low-income individuals received the apartments at a discounted rate of PKR 2.2 million.

The committee of CM Buzdar will report its findings in three days. The committee will discuss three options: the government shouldering the extra financial burden and accepting the project’s amended PC-1, or the government supporting LDA’s construction of 4,000 units. The third option is to place the responsibility on the customer and charge the suggested unit fee.

Read: Bank Regulatory Body Being Set up to Finance Housing Sector

In a separate development, the LDA has auctioned off eight commercial parcels located in diverse housing developments throughout the city. The auction of the aforementioned lands netted the government 104.5 million Pakistani rupees.

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