LDA Lucknow To Develop City With Private Companies On PPP Model

Lucknow Development Authority and around 12 private developers have acquired more than 10,500 acres of land on NH-56 (Lucknow- Sultanpur road) for developing the hi-tech township.

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LDA Lucknow To Develop City With Private Companies On PPP Model

Lucknow Development Authority (LDA) has decided to rope in private companies to invest in city’s development projects and this association will be based on ‘public-private partnership’ (PPP) model.

To start with, the LDA has decided to invite private investors to invest in its Vasant Kunj and Mohan Road housing projects at Hardoi road. In both these projects, the development authority has not been able to start construction work despite acquiring land due to dispute with villagers over compensation, said sources.

The decision to invite private investors on PPP model was taken at the LDA’s board meeting on Monday. Divisional commissioner presided over the meeting in which LDA’s vice chairman, district magistrate and municipal commissioner were also present.

Read Also: 24,000 Vacant Flats Of Lucknow Development Authority: Knight Frank

Recently, the development authority has already auctioned one of its most ambitious projects, Shan-e-Awadh at CG City, Sultanpur Road, for around Rs 427 crore through e-auction to a private developer. This was the LDA’s biggest auction till date.

Encouraged by the auction, the development authority is also likely to hand over its other projects to private investors. The projects facing such fate are sports complex at Kanpur Road and budget hotel at Faizabad Road.

According to LDA secretary participation of private investors will also help the development authority to ward off financial pressures in executing development projects.

The LDA’s decision to rope in private investors for its development projects will ease some pressure from the development authority and will allow it to concentrate on development work of the city, said a senior LDA official.

Lucknow Development Authority and around 12 private developers have acquired more than 10,500 acres of land on NH-56 (Lucknow- Sultanpur road) for developing the hi-tech township.

Read Also: LMC Lucknow To Build Affordable Housing Project Near SGPGI

The township would be on around a 10-km stretch of the road, starting from Arjunganj to Gosaiganj. The LDA’s 850 acres Chak Ganjaria township and 50 acres Shan-e-Awadh are also among the 12 major townships coming up on road stretch.

In this cluster, Ansal Housing, a private construction company, would set up its township on 6,500 acres biggest in the proposed Greater Lucknow. After Ansal, Sahara India’s township is coming up on 2,052 acres the second biggest in the cluster.

Source Link- https://www.hindustantimes.com/

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