Lucknow development body to offer Rs 6 lakh discount on its flats – ET RealEstate

LUCKNOW: Lucknow Development Authority has announced discount upto Rs 6 lakh on flats in its Devpur Para project. This is being done to attract more buyers.

The flats are available in two categories — three bedrooms, and three bedrooms plus kids room. While the original cost of three bedrooms constructed at 95.96 sq metres is Rs 37 lakh, the new price for the unit is around Rs 31 lakh. Similarly, flat with three bedrooms plus kids room constructed at an area of 90.87 sq metres will cost Rs 29 lakh. Its earlier price was Rs 35 lakh.

LDA recently completed the construction of 1,600 flats in the project, while 1,000 flats are yet to be built. The registration for flats was opened in 2015.

LDA chief engineer Indu Shekhar Singh said allottees who have registered since 2015 will also be given the flats on the revised price. Buyers who have paid the full amount for the flats will be returned the additional amount, he added.

In November 2019, LDA had given discount upto 10% in its several housing projects in the city exclduing the Devpur Para since it was not ready then.

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Financial crunch forces Lucknow development body to put projects on hold – ET RealEstate

LUCKNOW: In the throes of a revenue loss of Rs 137 crore from March 25 to August 31, the Lucknow Development Authority (LDA) has decided to put brakes on its several development projects in the city.

LDA chief finance controller Rajiv Kumar Singh said the construction of housing projects in Devpur Para, Sultanpur Road and Aishbagh have been put on ice since March due to financial crisis.

Similarly, he said, work of multi-level parking in Transport Nagar and maintenance of 110 parks under LDA jurisdiction have been put on hold. However, Singh said all these projects would be resumed as soon as LDA’s financial health improves, for which several measures were being taken.

As per LDA records, development authority suffered a loss of Rs 41 crore during lockdown from March 25 to June 7.

After the process of gradual unlocking began, the development authority hoped to revive sources of incomes like registration of its housing and commercial properties, parking lots, map layout approval, rent from housing and commercial properties, ticketing facilities in parks and monetary penalty imposed from construction violators.

However, LDA managed to collect only Rs 12 crore against its target of Rs 27 crore in June.

In July, LDA generation was Rs 48 crore against the target of Rs 57 crore and in August Rs 36 crore against Rs 128 crore. To make up for the loss, LDA introduced a one-time settlement (OTS) scheme in July for 26,000 defaulters, who had not paid instalments of their housing and commercial units for the past several years.

The move to give 10% concession to defaulters worked and LDA managed to recover Rs 32 crore in the past 45 days. “OTS scheme has yielded some results and hope that scrapping the rule of income certificate for the purchase of commercial properties will attract more buyers,” said Singh.

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RWAs warn of stir over delay in repairs by Lucknow development body – ET RealEstate

LUCKNOW: Residents Welfare Associations (RWAs) of eight apartments in Gomtinagar and Gomtinagar Extension have warned of a protest if Lucknow Development Authority doesn’t release their corpus funds to carry out maintenance works pending for three years.

At the time of registration of flats, LDA took Rs 10,000-12,000 from each allottee as part of corpus funds. The amount is kept by the authority till the time RWAs are formed. After that, LDA hands over the responsibility of maintenance to its welfare association along with the fund.

In 2017, LDA handed over the responsibility of maintenance work in eight apartments in Gomtinagar and Gomtinagar Extension — Ganga, Yamuna, Sunrise, Kalptaru, Sargam, Kaveri, Greenwood and Alaknanda — to RWAs. However, the Rs 9-crore corpus has not been released till date. As a result, RWAs are unable to carry out maintenance of lifts, boundary walls, fire safety equipment and CCTVs.

Gomtinagar Vistaar Jankalyaan Mahasamiti, a parent body of these RWAs, is planning to protest outside LDA office in Gomtinagar.

Its president KK Singh said, “LDA is turning a deaf ear to our demands. We are not asking LDA to carry out the maintenance work from its budget, but from the corpus created by the money deposited by the allottees.”

LDA vice-chairman S K Dwivedi said, “About 50% of the corpus fund will be released soon. We won’t be able to release the entire amount due to financial crisis.”

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Lucknow development body to build rental flats for outstation students – ET RealEstate

LUCKNOW: Lucknow Development Authority (LDA), which till now used to build and sell housing units, will soon also develop rental apartments on public private partnership (PPP) basis.

The first such 13-storey apartment block will come up in Aishbagh for which LDA has identified over 10,400 square metres of land.

Officials said that each flat will consist of an attached bathroom, ventilated bedroom, balcony and a kitchen. The rent will be around Rs 5,000 per month. The target group is students who come to the city from various parts of the state and country, besides single persons employed here.

LDA chief engineer Indu Shekhar Singh said, “The tender for construction work of the apartment will be finalized on Saturday. This will be the first time that LDA will rent out flats after construction. Around 150 1 BHK flats will be constructed with an estimated cost of Rs 163 crore. The deadline is January 2022,” he added.

The development authority will invite architects and builders to submit their designs and layout maps for the construction work. In the presentation, developers will have to explain the design of the rental complex along with its financial model.

LDA will provide the land to the builder, while construction will be done by the promoter.

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