Lahore: Lahore Development Authority (LDA) and Bank of Punjab (BOP) have signed an agreement to collaborate on LDA City Naya Pakistan Apartments – the two organisations shared through an advertisement in the local dailies.
According to the details, BOP will provide financial resources for the project which is estimated to cost a total of PKR 10 billion. Under the project, authorities will construct a total of 4,000 apartments on an area of 800 kanals.
As per the division of responsibilities, LDA will be responsible for following:
- Construction of apartments
- Ballot for allotments
- Maintenance of buildings and infrastructure after handing over possession
Meanwhile, Bank of Punjab will be responsible for following functions:
- Receiving applications for allotments
- Issuance of letter of comfort to the expected allottees
- Providing easy Islamic banking loans to the allottees
The advertisement also notes that the funds provided for the purpose of the project will not be utilised for any other purpose.