LUCKNOW: The Lucknow Development Authority (LDA) decided to grant freehold ownership to tenants occupying more than 4,000 rented properties. The decision was made during LDA’s 184th board meeting held on Thursday.
There are approximately 3,739 rented properties in the LDA colonies located in Nirala Nagar, Paper Mill, La Place, Lawrence Terrace, and Rajendra Nagar. Of these, 1,355 residential and 616 commercial properties are already registered. However, 1,410 residential and 364 commercial properties are yet to be registered.
This initiative aims to provide long-term ownership rights to existing tenants, streamlining property ownership and addressing longstanding tenancy issues. The LDA board decided to register the properties to the initial tenant.
LDA vice chairperson Prathamesh Kumar stated that a proposal was passed to grant ownership rights of rented properties to the original tenants. In the absence of their heirs, the rights will be given to the occupants of the property.
Furthermore, around 1,500 properties in Transport Nagar will soon be converted to freehold. However, authorities clarified that if a property has undergone a change in land use, a fine will be imposed. Moreover, a special discount scheme has been introduced for buyers of LDA flats and commercial properties who opt for lump sum payments. Those who pay the full amount within 45 days will receive a 6% discount, while payments made within 60, 75, and 90 days will be eligible for discounts of 5%, 4%, and 3%, respectively. Additionally, the first-come, first-served scheme has been extended until April 7.
