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Home >> Lucknow

Lucknow: LDA to sell its houses, shops on rent

| Wednesday | 12th December, 2018

LUCKNOW: Lucknow Development Authority will sell its about 3,500 rented properties, residential and commercial, in different parts of the city. The survey also revealed that many tenants have sublet properties to their relatives and friends. The rent of these properties was between Rs 50-200 then and has remained unchanged, whereas the cost of maintenance has increased manifold.”“Total annual revenue for these properties is around Rs 33 lakh, while LDA spends Rs 1 crore on their management and maintenance. The auction is likely to be held in January and preference will be given to the current occupants.”Kumar said, “These properties were earlier under LMC and later transferred to LDA when it came into existence in 1974 for management and maintenance. The decision, which will impact around 17,000 people, has been taken because of huge financial loss in maintenance of these properties.In a survey conducted recently, LDA found that 3,500 rented properties — about 2,300 residential flats and 1,200 shops — were causing financial losses to it.Officer on Special Duty, LDA, Rajesh Kumar said, “The process of fixing the prices is underway.

LUCKNOW: Lucknow Development Authority will sell its about 3,500 rented properties, residential and commercial, in different parts of the city. The decision, which will impact around 17,000 people, has been taken because of huge financial loss in maintenance of these properties.In a survey conducted recently, LDA found that 3,500 rented properties — about 2,300 residential flats and 1,200 shops — were causing financial losses to it.Officer on Special Duty, LDA, Rajesh Kumar said, “The process of fixing the prices is underway. The auction is likely to be held in January and preference will be given to the current occupants.”Kumar said, “These properties were earlier under LMC and later transferred to LDA when it came into existence in 1974 for management and maintenance. The rent of these properties was between Rs 50-200 then and has remained unchanged, whereas the cost of maintenance has increased manifold.”“Total annual revenue for these properties is around Rs 33 lakh, while LDA spends Rs 1 crore on their management and maintenance. The survey also revealed that many tenants have sublet properties to their relatives and friends.

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