MTC Advises Bank of Punjab on Naya Pakistan Housing Project
The transaction involved the end-user financing for the construction of 4000 flats for Phase 1 of the flagship housing project ‘LDA City Naya Pakistan Apartments’ under the Government Mark-up Subsidy Scheme. The Project cost was to be funded by the LDA through receipt of funds from: (i) end-users/allottees, of which 79% of the Project cost was to be funded through the housing finance facilities’ obtained by the end-user/allottee from the lender and 10%-21% of the Project cost will be funded by the end-user/allottees’ own equity contribution Government of Pakistan/Naya Pakistan Housing and Development Authority (NAPHDA).
The Firm’s scope of work includes full scope lender side advisory. The transaction was valued at approximately PKR 11,000,000,000/- (Pak Rupees Eleven Billion). MTC’s team in this matter included Salman Rahim, Partner, and Hamza N. Shaikh, Associate Partner.