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.

“There is a feeling among lower and middle classes that money will grow more if invested in property,” 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.

“At 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,” 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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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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