Lucknow Development Authority May Sell 3,500 Properties In January
Here is a golden opportunity for those who are looking for government-owned properties in Uttar Pradesh capital Lucknow. In order to cut the losses it is making in maintenance of its rented properties, residential as well as commercial, the Lucknow Development Authority (LDA) is planning to sell them. According to media reports, a total of 3,500 may be up for grabs in the LDA property auction, likely to take place in January. While 2,300 properties are residential structures, the remaining 1,200 are commercial set-ups.
While the residential properties that are to be auctioned are in Paper Mill Colony, Niralanagar, Balda Road Colony, Rajendra Nagar, Pande Ka Talab, Mawaiyaa, Old Hyderabad and Lawrence Terrace, the shops are spread across key commercial centres such as Aliganj, Aishbagh, Napier Road, Nakhas, Janpath, Mahanagar and China Bazaar. While the highest number of residential properties are based in Paper Mill Colony (954), the highest number of shops are in Nakhas (213).
While the LDA spends Rs 1 crore annually on the maintenance of these properties annually, it earns only Rs 33 as rent.
“These properties were earlier under the Lucknow Municipal Corporation and were transferred to the LDA after its formation in 1974. The rent of these properties was between Rs 50-200 at that time and it has remained unchanged since whereas the cost of maintenance has increased manifold," LDA Officer on Special Duty Rajesh Kumar was quoted in a report by The Times of India.
While selling these properties, the LDA is likely to give preference to the existing tenants-the LDA move to auction the properties is going to affect as many as 17,000 people. The price at which these properties will be auctioned is yet to be fixed.