Lucknow development body sells over 100 apartments in December 2020 – ET RealEstate

LUCKNOW: The Lucknow Development Authority (LDA) has sold over a hundred flats in December month which was almost 50% of the total flats or housing units sold by the authority in 2019.

The achievement has come as a boost to LDA which has been reeling under financial crisis since lockdown.

As per LDA records, as compared to 211 flats in 2019, LDA sold 275 units in 2020, including 105 in December.

Flats sold last month were in Jankipuram Extension, Sitapur Road, Kanpur Road and Sultanpur Road. Most of these units were under middle (63 flats) and lower (28) income groups. Nine flats were in the high income group.

LDA collected Rs 6.3 crore as registration money of 105 flats while the total revenue would be Rs 27 crore when all the payments are made.

LDA officials said sales were low in the first 10 months due to Covid-19. As incomes dropped, people were not willing to make investments.

However, buyers are now coming forward, which indicates that people are confident about economic revival.

โ€œThere is a feeling among lower and middle classes that money will grow more if invested in property,โ€ a senior officer said, adding that people were investing in LDA flats as they were cheaper than the ones being offered by private players.

District magistrate and acting vice-chairman of LDA, Abhishek Prakash, had also given targets to engineers to sell flats/housing units in vacant housing projects in December with the promise for award to those who meet targets.

To increase the sale of housing units in future, LDA has decided to introduce a single-window system wherein buyers will not have to run around to complete formalities.

โ€œAt present, if anyone has to purchase a unit, he needs to visit LDA headquarters or zonal office several times for registration and payment. However, in a single-window system, each engineer will be given the task to ensure the registration work is done right after the buyer finalizes the unit,โ€ Prakash said.

Currently, LDA has more than 3,500 vacant flats in its several projects in Jankipuram Extension, Kanpur Road, Sitapur Road and Gomtinagar Extension, among others.

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