LUCKNOW: Lucknow Development Authority (LDA) sold properties worth Rs 2,629 crore in the financial year 2023-24. This marks a 30% increase compared to the previous year.
LDA vice-chairman Indramani Tripathi attributed this success to the e-auction initiative. Commercial and residential properties valued at Rs 2,058.64 crore were successfully auctioned online. He said that many of these properties were earlier under illegal occupation of the land mafia.
Tripathi launched a campaign to remove such encroachments from LDA’s valuable properties. Subsequently, site plans were prepared for the retrieved land, and e-auctions were conducted. This strategy resulted in plots being sold at significantly higher prices, generating substantial revenue for the LDA.
According to norms, those who fail to clear property tax in time have to pay interest at a rate of 18% per annum. The civic body also carries out sealing drives and auctions properties of those who have not paid property tax for a long time.
