Chief Minister Punjab Usman Buzdar on Tuesday announced that the “Naya Pakistan Housing Project” will be starting soon in the capital city.
In a tweet, CM Buzdar said the project will comprise 35,000 apartments’ with affordable installment plans.
Last month, Housing Minister Mian Mahmood-ur-Rashid had said that the groundbreaking ceremony of 35,000 new housing units in Lahore would be performed by Prime Minister Imran Khan on December 25, 2020.
The minister had said that the Punjab government had made major changes to the LDA (Lahore Development Authority) rules and regulations to ease out the businesses, adding that approval from various authorities for a housing scheme was the biggest problem that had been resolved as all NOCs (No Objection Certificates) could now be obtained under one roof at the LDA, which is bound to give approval for a housing plan within 60 days.
He had said that financing for the construction of houses was also a major challenge and banks were not ready to finance these projects. Now State Bank of Pakistan has bounded the banks to allocate 5% of their borrowing for the housing sector.