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LDA proposes to slash prices of its properties lying unsold
BOARD MEETING No price cut in Gomti Nagar and Gomti Nagar extension
BOARD MEETING No price cut in Gomti Nagar and Gomti Nagar extension
The Lucknow Development Authority (LDA) on Wednesday proposed to slash prices of its residential and commercial properties, which were lying unsold.
However, this price cut would not be applicable in Gomti Nagar and Gomti Nagar extension. The proposal to this effect came up during the LDA board’s meeting.
The price cut will be in the range of 8-15% for residential properties and from 27-62% for commercial properties.
The development authority will forward the proposal to the state government for approval.
It may be pointed out that a large number of flats and commercial properties of the LDA are lying unsold all across the city. These are adding to the development authority’s financial stress, said officials.
Recently, at a high-level meeting of the Housing and Urban Planning department, the issue of LDA’s unsold properties came up for discussion.
“At the Board meeting, it has been decided to bring down prices of commercial and residential properties of the development authority. The proposal will be forwarded to the state government for approval,” said PN Singh, vice-chairman, LDA.
The LDA Board members also proposed a hike in the rent of residential and commercial properties.
It may be pointed out that the state government had also instructed development authorities across the state to cut down prices of their unsold properties to ensure their disposal.
The Housing Board had also brought down prices of its properties to ensure their disposal.
Meanwhile, the LDA decided to carry out development work on Basant Kunj housing project on Mohaan Road through a private developer. The development authority will also leave 30.43 acres land at its Basant Kunj project for the Lucknow Metro Rail Corporation (LMRC).
PRICE CUT APPLICABLE ON
LDA’s flats in Shravan Apartment, Mrigshila, Adhra, Sargam, Devpura Para, Ratanlok, Magha, Deep Shikha, Sopan phase I, II and Janeshwar Enclave (Jankipuram) projects.
Commercial properties of LDA: Balaganj (Chowk), Annapurna Complex (Kanpur road), Gole Market (Kanpur road), Priyadarshini Yojana.
