The Sardar Usman Buzdar-led Punjab government announced Tuesday its Lahore venture of constructing 35 thousand flats to be given on feasible conditions, ARY News reported.
Over 8,500 Kanals of land adjacent to LDA City will be assigned to these 35,000 flats which are being developed under Naya Pakistan Housing Project, CM Usman Buzdar said.
Buzdar said soon the foundation stone for the flagship project will be laid whose 650-square-feet flats are likely to cost Rs2.7 million. However, the CM said these flats will be handed out on easy 20-year instalment plan charging a monthly Rs16,000 from the lessee.
The Project Cycle -1 has been approved, said the CM, indicating the pre-production phase of the project has already begun.
In its first phase, there will be four thousand 650-square-feet flats built costing exchequer about Rs10 billion, according to the CM. On the other hand last week, Punjab announced it decided to convert Punjab House into a university notifying this development via a letter to Deputy Commissioner Rawalpindi.
There will be Kohsar University in place of Punjab House, a mansion comprising 96 Kanal land under the provincial government that is used for a variety of purposes including hosting guests, etc.
According to the notification released today by Punjab Board of Revenue, the decision shall be implemented as per the rules and is likely to see it materialize within the next three years.