ISLAMABAD:The construction work on Lifestyle Residency apartments at sector G-13 was in full swing and expected to be completed by December this year, an official in Federal Government Housing Authority (FGEHA) said on Wednesday.
“The project was expected to be completed by the end of the year 2020, however, due to multiple reasons such as the COVID-19 pandemic, increase in prices of construction materials as a whole, and steel, in particular, the desired targets could not be achieved, he told reporter.
The official said the project was launched in July 2016 and the construction work on the project formally started in September 2017.
As a result, the original financial plan of completing the project on recovering 83 percent tentative costs from the members became nonviable.
Therefore, he said, the EHFPRO [ a private limited company] board of directors had decided to split the remaining 17 percent into four installments.
Out of these four installments, two percent was projected to be recovered at the time of handing over of possession of apartments, while three installments of five percent of cost staggered on a quarterly basis.
He said a comprehensive newsletter was issued in May 2020 and sent to all members at their given address.
He said a vast majority of members appreciated the step and had already remitted the remaining payment on a quarterly basis, instead of paying in a lump sum at the time of completion.
With regards to the delay in completion of the project, he said, it was clarified that the COVID-19 Pandemic globally affected the activities in all walks of life, but the construction industry was adversely impacted, as basic supplies like steel, cement, and concrete became scarce and the labor pools dispersed.
The official said the re-mobilization of all such resources resulted in the wastage of precious time, spanning over months. Despite the imposition of continued stringent Standard Operating Procedures, all-out efforts were being made to complete the project at the earliest and handed over possession of apartments to the members at the earliest.