The Lucknow Development Authority (LDA) has increased the price of land in its housing schemes up to 16 per cent. The new rates came into force from Wednesday.
As per the revised rates, land in Gomti Nagar costs the most in the city. Now, one will have to pay Rs 8,000 for each sq m of residential land in Gomti Nagar area and Rs 16,000 per sq m for commercial land in Vibhuti Khand of this area. Before revision, residential land in the area cost Rs 7,000 per sq m and Rs 14,000 per sq m for commercial land. In Gomti Nagar Extension, the rate for residential land is Rs 7,000 per sq m.
In Jankipuram and Jankipuram Extension, residential land rate has been enhanced from Rs 5,200 per sq m to Rs 6000 per sq m. The same rate applies for housing schemes in Mansarover and Kanpur Road areas.
In Transport Nagar, land rate has been hiked to Rs 6,400 per sq m from the previous rate of Rs 5,500 per sq m.
For Basant Kunj scheme on Hardoi Road, land rate has been hiked to Rs 5,500 from Rs 5,000 in the previous year.
In Sharda Nagar area, new land rate is Rs 5,800 per sq m. The previous rate in this area was Rs 5,100 per sq m.
According to LDA officials, rate of commercial land in these schemes will be twice the rate of residential land in the area. Sources said a committee formed by the LDA recommended this hike after studying the land rates of UP Housing and Development Board, DM Circle rate and rates offered by the private sector. DM circle rate will be applicable in those LDA schemes which have been handed over to municipal corporation.