Having a house of your own in the city may become a costlier affair from April. The rates of Lucknow Development Authority’s properties are set to go up by 20 to 30% following the recommendations of its land rate revision committee.
During a meeting of the panel at the LDA office on Monday, officials recommended a 30% hike in the rates of properties in Gomti Nagar and a 20% increase in the rates of other areas.
Currently, the LDA rate in Vibhuti Khand (commercial area) is Rs. 22,000 per sq m while for residential properties in Vikalp Khand, Viraj Khand, Vaibhav Khand and Nehru Enclave it is Rs. 15,000 per sq m. The commercial rate in these areas is Rs. 16,000 per sq m.
While one has to shell out Rs. 16,000 per sq m for commercial and residential areas of Vipin Khand, the rate of residential properties in Gomti Nagar Extension is Rs. 12,000 per sq m.
The commercial rate in these areas is R14,000 per sq m. However, all these areas are likely to see a 30% hike in rates, if the report of the committee is accepted.
The rates were last revised on December 22, 2011.
The rates for residential and commercial properties in Jankipuram Extension, Jankipuram Sector J and H are R10,000 per sq m and R 12,000 per sq m respectively, while in Kanpur road Yojana Sectors I and J the rates are R9,000 per sq m for residential and R11,600 for commercial.
The present rates for Mansarovar Yojana in South City are R9,000 per sq m (for residential sceheme) and R12,000 per sq m (commercial properties). In the Basantkkunj scheme, the rates are R8,000 per sq m for residential properties and R 11000 for commercial properties. And all these properties are expected to become dearer by 20%.
LDA secretary AP Tewari said, “Though the new rates are yet not final, an increase is certain once the V-C accepts the recommendations of the committee.”
The hike may make new LDA housing schemes expensive as consumers would be expected to pay according to the new rates. However, LDA officials said new rates might not be applicable before April this year.
LDA secretary said the rate revision was a routine feature and may not affect Lucknowites much as compared to consumers in other big cities.