24,000 Vacant Flats Of Lucknow Development Authority: Knight Frank
Finding customers for vacant flats is becoming a tough job not only for the Lucknow Development Authority (LDA) but also for the Housing Development Board and private developers.
In the Uttar Pradesh capital, about 24,000 ready-to-move-in flats are lying vacant. Recently, the Knight Frank, a leading international property consultant engaged by the LDA, carried out a survey in the city.
The report puts the number of unsold flats in Lucknow at about 24,000. Out of this, 7,000 vacant flats are of the LDA and the remaining of the Avas Vikas Parishad (Housing Development Board) and private developers.
This is despite the fact that the LDA has taken the initiative to allot flats on the first-come-first-serve basis. It has also opened a separate counter at its Gomti Nagar office.
Among other things, the Knight Frank’s job is also to help the development authority dispose of its unsold properties.
Commenting on the LDA’s problem of unsold flats, a senior official of the development authority said: “The development authority carried out rampant construction work in Lucknow without first looking at the demand in the market.”
“Now, the result is that there is a large number of unsold flats which the development authority is finding difficult to dispose of,” he added.
Another reason behind residential and non-residential properties of the LDA not being sold is their high cost and location. Some of them are located at places where commercial activity is yet to pick up.
According to a senior LDA official, some of the residential properties which the development authorities have not been able to sell are very old and lack maintenance.
Due to poor construction work and lack of maintenance, the unsold residential properties of the development authority have become more worn out, said a senior LDA official. He also cited high cost as a reason.
However, in a bid to dispose of its unsold flats, the development authority has decided to slash prices.
Source Link- https://www.hindustantimes.com/