24,000 LDA flats lying unsold in Lucknow
In the state capital, about 24,000 ready-to- move-in flats are lying vacant. Recently, the Knight Frank, a leading international property consultant engaged by the LDA, carried out a survey in the city.Updated: May 05, 2018 16:03 IST
Finding customers for vacant flats is becoming a tough job not only for the Lucknow Development Authority (LDA) but also for the Housing Development Board and private developers.
In the state capital, about 24,000 ready-to- move-in flats are lying vacant. Recently, the Knight Frank, a leading international property consultant engaged by the LDA, carried out a survey in the city.
The report puts the number of unsold flats in Lucknow at about 24,000. Out of this, 7,000 vacant flats are of the LDA and the remaining of the Avas Vikas Parishad (Housing Development Board) and private developers.
This is despite the fact that the LDA has taken the initiative to allot flats on first-come first-serve basis. It has also opened a separate counter at its Gomti Nagar office.
Among other things, the Knight Frank’s job is also to help the development authority dispose of its unsold properties.
“The LDA has engaged international property consultant Knight Frank. Recently, the firm carried out a survey in Lucknow about unsold flats. In its report, the firm revealed that around 24,000 flats are lying unsold in Lucknow,” said Indra Shekhar Singh, chief engineer, LDA.
Commenting on the LDA’s problem of unsold flats, a senior official of the development authority said: “The development authority carried out rampant construction work in Lucknow without first looking at the demand in the market.”
“Now, the result is that there is a large number of unsold flats which the development authority is finding difficult to dispose of,” he added.
Another reason behind residential and non-residential properties of the LDA not being sold is their high cost and location. Some of them are located at places where commercial activity is yet to pick up.
According to a senior LDA official, some of the residential properties which the development authorities have not been able to sell are very old and lack maintenance.
“Due to poor construction work and lack of maintenance, the unsold residential properties of the development authority have become more worn out,” said a senior LDA official. He also cited high cost as a reason.
However, in a bid to dispose of its unsold flats, the development authority has decided to slash prices .