Lucknow development body moots OTS scheme for home allottees – ET RealEstate

LUCKNOW: After facing a total loss of Rs 41 crore since the lockdown till now, cash-crunched Lucknow Development Authority (LDA) has proposed one time settlement (OTS) scheme for its home allottees to shore up revenue.

LDA officials said the allottees, who have not paid their installments, will get a discount of 10% besides waiver on fine on the pending amount. There are more than 26,000 defaulters on the list who have not paid the EMIs for the past four months, officials added.

LDA finance controller Rajeev Kumar Singh said that a proposal for implementing the OTS scheme has been sent to the state government for approval.

“We have incurred loss of over Rs 41 crore due to Covid-19 pandemic. The OTS scheme will attract defaulters to pay the pending amount, else we will have to take strict action against them,” he added.

As per LDA records, nearly 50% of the revenue comes from the sale of housing and commercial units, while around Rs 8 crore is generated through ticketing at parks under its jurisdiction and Rs 10 crore from parking slots.

Other source of revenue generation for LDA are map layout approval (Rs 6 crore), rent from housing and commercial properties (Rs 23 crore), and monetary penalty imposed on violation of construction norms.

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