Lucknow Development Authority cuts interest rate on flats

LUCKNOW: Lucknow Development Authority has reduced interest rate on its housing and commercial properties which are available for sale.
LDA officials said a concession of 2% on the interest rates will be given on housing units, flats or commercial units. The authority was charging 11% interest on the principal amount which has now been reduced to 9%.
The decision was recently taken in the board meeting of LDA officials chaired by divisional commissioner Ranjan Kumar and LDA vice-chairperson Abhishek Prakash.
Officials said this will attract more buyers and boost LDA revenue which has been affected in the pandemic. LDA’s 912 vacant flats in Aishbagh will come up for sale soon which will help it garner Rs 350 crore as revenue, they added. LDA finance controller Rajiv Singh said, “The decision has been taken in the interest of buyers. It is also expected that our revenue will shore up.”
The development authority is also planning to introduce a scheme to provide discounts to buyers wanting to purchase three or more flats. However, the decision is yet to be finalized.