People from the lower-income class can now own home through small instalments, said Prime Minister (PM) Imran Khan at the groundbreaking ceremony of the Naya Pakistan Apartment project.
Praising the courts for allowing the government to implement the foreclosure law, PM Khan said the law has allowed people to own houses on a mortgage.
“People will only pay installments instead of rent and will become owners of their own homes,” said PM Imran.
He added that the status quo has adopted the system of bribery and never want Pakistan to change for the better.
“Pakistan will have to transform itself if it needed to meet the challenges of the 21st century,” asserted the premier.
PM Khan also appreciated the efforts of the Lahore Development Authority (LDA), saying: “The LDA has brought about a lot of improvements in itself.”
As per details, the authority will construct 35,000 apartments in different parts of the city under the LDA City Naya Pakistan project.
Around 4,000 apartments will be constructed during the first phase. Every apartment will cover a 650 square feet area and will have two bedrooms.
The price for the apartments has been fixed at Rs2.7million each which will be taken in easy installments.
Earlier, Punjab Minister for Housing and Urban Development Mian Mehmood-ur-Rasheed said that the Punjab government assigned all development authorities in Lahore and other big cities to build housing units for the low-income people.
The provincial minister further added that these plans are being replicated in Gujranwala, Multan, Faisalabad, and Rawalpindi to provide homes to the low-income population of the country under PM Imran’s vision.