LUCKNOW: In a major relief to all those seeking approval from LDA to change land use of their property from residential to commercial or official, LDA has allowed conversion charges based on LDA sector instead of the DM circle rate as per previous norm. This will lower conversion charges significantly as after a long slump in Lucknow’s real estate market, LDA Sector Rates are almost 30-40% lower than DM Circle Rate of any area.
A person seeking land use change from residential into commercial needs to pay 100% of property‘s value based on LDA sector rate as conversion charges. Those seeking land use to be converted to official will have to pay only 50% value based on LDA sector rate to the LDA. In August, LDA board had approved 71 such cases in which parties had applied for land use change from residential to commercial in LDA colonies in Gomtinagar, Niralanagar, Mahanagar, etc.
Since these people were unable to pay huge 100% con version charges as per DM circle rate, LDA board on Wednesday announced application of LDA sector rates. LDA officials said, “Till date, 258 such applications for land use change have come to us apart from the 71 already approved in August. They are for change from residential to commercial or official use.“
LDA’s town planning official told media, “When LDA planned colonies in late 1950s, there was no such urban development policy to give fixed space to commercial setups and facilities amid residential colonies. Hence, we kept almost 6070% area as residential in colonies. Over the decades, we felt the need to develop spaces for banks, nursing homes, hotels to provide basic amenities to people. This change is in accordance to the urban housing policy of Centre.“
Urban Housing Policy mandates a development authority to reserve 40% for a residential area, 10% for commercial set ups and facilities, 15% for office use, 15% for parks and green area and 20% for roads in an urban area. “We have accordingly allowed people to seek land use change approval from LDA to provide more facilities in urban areas“, said the official.
Credits ET Realty