LMC may get richer by Rs 5 crore! | india | Hindustan Times
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LMC may get richer by Rs 5 crore!

THE LUCKNOW Municipal Corporation (LMC) may soon bag Rs 5-crore by selling 69,000 square feet of land near Subhash Complex Chowk to the King George?s Dental University (KGDU).

india Updated: Mar 31, 2006 00:17 IST

THE LUCKNOW Municipal Corporation (LMC) may soon bag Rs 5-crore by selling 69,000 square feet of land near Subhash Complex Chowk to the King George’s Dental University (KGDU).

The land has been a “liability” for the corporation for many years. But, the deal, if struck, might give some relief to the corporation as well as the dental university for it serves both well in terms of mutual requirement.

The dental university is planning to construct residential quarters for its Class III and Class IV employees.

“The negotiations are complete,” said the municipal chief and added, “We hope to sign the sale deed some time next week. The deal is beneficial for both the parties as the KGDU is able to get the land near its main premises and LMC is able to get good amount from the deal.”

Acting municipal commissioner Santosh Kumar said the land would be sold at DM circle rates of Rs 8,000 per square metre, which would yield the amount of Rs 5 crore and 13 lakh to LMC coffers. “The land had been lying vacant for quite some time. It was giving us nothing in return. Now after it is finalised, we would be able to get a good amount of house tax from the land,” said Santosh Kumar.

“In addition to this, we have sold four flats to the KGDU in the Subhash complex. Which fetched us Rs 90 lakh for LMC,” said Kumar.

Vice Chancellor KGDU Dr CP Govila admitted that negotiations were going on for the deal.

“Yes, we have decided to buy the land near the complex for class III and class IV employees’ houses. I can’t say there would be enough space left for the houses of doctors,” said Govila.

“I hope the land deal will be signed soon. Perhaps next week, we would be hiring an architect as soon as the deal is on, then we are going to decide about the size of the building to be built on the land, the buildings would be multi-story residence ,” said Govila.

The KGDU wants to prove that we care for our employees, said Govila. For the residence of doctors Govila said , “ We have bought four flats in the Subhash Complex earlier.”