Lahore: According to press reports, the Lahore Development Authority (LDA) has increased the building cost of the LDA City Naya Pakistan Apartment from PKR 2.247 million to PKR 2.95 million.

Following price increases in basic construction materials, cement, and steel bars, pricing adjustments have been observed. According to sources, the development cost of the LDA City Naya Pakistan Apartments project has risen to PKR 2.80 billion in just one year.

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When announcing the price increases, LDA Director General (DG) Ahmed Aziz Tarar stated that the government would bear the cost increase and that allottees would be given assistance through subsidies.

In this regard, the LDA and the Bank of Punjab (BoP) have agreed to provide mortgage finance to buyers. DG LDA Ahmed and BoP Group Head Umar Iqbal Sheikh signed the deal. The BoP will issue a mortgage extension for the residential project as part of the project.

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The ‘Project Mortgage Deed’ agreement was signed, allowing project allottees to pay through the banking system. DG Ahmed said the project is a historic agreement that will relieve consumers of the burden of escalating building prices.

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