(LDA) Lahore Development Authority Vice-Chairman SM Imran has said the prime minister would inaugurate the LDA project of building 4,000 apartments near Halloki in the week to supply affordable homes to the people with meager resources under a simple installment buying.

Talking to journalists here on Sunday, he said the 4,000 apartments were the primary brick up the edifice of 5 million homes under Prime Minister Imran Khan’s Naya Pakistan public housing on 8,500 kanals land near Halloki.

Elaborating on the 4000 apartments project of the LDA, SM Imran said the project was meant to supply a home to a standard man and it might cost very little, adding that the LDA had involved tenders. The LDA vice-chairman said the venture of LDA and Naya Pakistan Housing and Development Authority (NAPHDA) would be funded by the banks as per the depository financial institution of Pakistan policy on Islamic banking, adding that the installment buying would be spreading over 10-20 years.

To an issue, he said an apartment would cost approximately Rs 2.7 million and therefore the allottee would need to pay mere Rs 270,000 initially but Rs 300,000 subsidy from the NAPHDA would make the beginning payment Rs 570,000. “The investment will begin after the owner is given possession of the apartment which signifies the allottee won’t pay anything during the primary 18 months of construction time”, he refined. He said preference would tend to the applicants who applied with NAPHDA for homes some months ago, adding that tiny installments would enable people to own a home of their own rather than living on rent and making the landlords richer monthly.

“A 650 square feet apartment having 2 rooms with a kitchen, small lounge, attached and a detached bathroom, and a balcony while the plan will make sure that an apartment house has its walkways, park, sewerage, treatment plants, & grid-stations to satisfy all features of a contemporary community”, he elaborated.

To ensure transparency and avoid political victimization of the project, the LDA vice-chairman said, the LDA had decided to open an escrow account for the project, adding that the escrow account was opened for a selected purpose and its funds can’t be used for the other purpose.

SM Imran told that a quota had been fixed for journalists and lawyers besides the govt employees, adding that the main share in apartments would be of the general public at large. He said the 4,000 apartments would lay the inspiration of the many other such projects to follow, adding that the govt was committed to providing the masses with homes of their own.