LDA City Naya Pakistan Apartments Construction Cost Increased
According to our sources, the Lahore Development Authority (LDA) has informed us that the construction cost of LDA City Naya Pakistan Apartments has increased from PKR 2.247 million to PKR 2.95 million.
The increase in the cost of primary construction materials, steel bars, and cement prompted the rate adjustments. It has been claimed that the cost increase for this project has reached 2.80 billion Pakistani rupees in the last year alone.
Ahmed Aziz Tarar, director general of the Land Development Authority (LDA), indicated that the government would bear the extra costs and offer allottees a subsidy. For this reason, the LDA and Bank of Punjab (BOP) have struck an agreement to provide buyers with mortgage finance.
The contract between the LDA and BOP is known as the “Project Mortgage Deed.” The arrangement will allow recipients to pay through financial channels.
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