LDA apartments will now cost less

GOOD NEWS Interest rates charged by development authority on instalments to be slashed

THE DEVELOPMENT AUTHORITY HAS DECIDED TO EXTEND THIS FACILITY TO ALL SEGMENTS OF PROPERTIES – EWS, LIG, MIG, HIG AND COMMERCIAL.

LUCKNOW: The Lucknow Development Authority (LDA) is all set to offer low-cost flats.

In its board meeting on Monday, the development authority decided to cut down interest rates charged from allottees who opt for payment on installment basis. This slash in interest rates would effectively bring down cost of flats for buyers.

LDA has decided to extend this facility to all segments of properties – EWS, LIG, MIG, HIG and commercial.

In case of EWS properties, interest rates on installments will be reduced from the existing 10% to 9%.

Similarly, the development authority has decided to cut down interest rates charged on LIG and MIG properties from 11% to 10%.

The development authority has also decided to slash interest rates on HIG and commercial properties from the existing 15% to 13%.

LDA vice-chairman Anup Yadav on Monday informed that interest rates on installments have been slashed in the larger interest of buyers.

It may be pointed out that the UP Housing and Development Board last week decided to construct 2,000 low-cost flats in its Vrindavan and Awadh Vihar schemes.

The one and two bedroom flats would cost `10-15 lakh. The Housing Board is likely to open bookings of these flats in the next two months.

In another important decision, the Housing Board also decided to reduce prices of its flats and shops by 20% and 50% respectively. It decided to cancel allotments of such people who are not able to pay installments even after the grace period of three months.

In its board meeting, the LDA also passed Master Plan2031 for Lucknow.

“Master Plan-2031 of Lucknow was approved at the Board meeting. Most of the suggestions Lucknow Development Authority had received from people have been incorporated in the plan,” said LDA V-C.