The Lucknow Development Authority (LDA) announced a hike in the rates of its properties in various housing schemes on Wednesday. The increase ranging from 30 to 40 per cent in property rates would be effective from April 1.
The hike, however, would have no financial bearing on schemes where lottery draws have already been held or on individuals, who have been allotted property but are yet to deposit the full amount against their property with the department. The increase comes three years after the LDA last revised its property in October 2003, according to officials.
The maximum hike has been affected in schemes, which have reached near saturation in terms of availability of residential plots. This includes Gomti Nagar Phase-I (Vipul Khand, Nehru Enclave etc) and Phase- II where the rate have been increased by Rs 1,000 to Rs 1200 per square metre, that is from Rs 3,000 per square metre earlier to Rs 4000 now. With already an asking rate of Rs 4,000 per square metre, Gomti Nagar Extension has been left untouched.
“The pinch would be on the pocket of commercial buyers as some sectors like Viraj Khand still have substantial tract of unsold commercial land,” commented an official. The new rates (per square metre) in other schemes are as follows:
{{/usCountry}}“The pinch would be on the pocket of commercial buyers as some sectors like Viraj Khand still have substantial tract of unsold commercial land,” commented an official. The new rates (per square metre) in other schemes are as follows:
{{/usCountry}}Kanpur Road, all sectors, Rs 3,000 (earlier Rs 2,500), Transport Nagar, Rs 3,000 (old rate Rs 2,000) Sharda Nagar Rs 2,800 (Rs 2,350), Sitapur Road (Jankipuram including extension, Priyadarshni etc) Rs 3,000 (Rs 2,500/Rs 2,000), Hardoi Road Rs 3,000 (Rs 2,400). With the registries of property to be executed on the DM circle rate from April 1, the LDA has decided to hold special camp for its allottees on Thursday and Friday to enable them to take the benefit of the stamp duty concession.