The LDA is set to hike land rate under its development area. A seven-me-mber panel has been formed to propose new rates for residential and commercial land.
The committee will be led by LDA Secretary Mani Prasad Mishra. The other members include Finance Controller Avdhesh Kumar, Joint Secretary R K Mishra and Chief Engineer Ravi Srivastava among others. It has to submit the report within a week.
“The LDA could increase the rate by 10 per cent every year. But the Authority had made no revision in the land rate in its area since 2007. This committee will study the land rates of the UP Housing and Development Board, DM Circle Rate and that of the private sector,” said Mukesh Kumar Meshram, LDA Vice-Chairman. Asked about the need for a revision of the land rate, Meshram said the cost of construction material and development has increased manifold in the last two years.
“Now, if we do not hike the land rate, LDA may slip into a financial crisis,” he added.
According to a committee member, the proposed rates may be at par with the land rates offered by the UP Housing and Development Board. It will not exceed the DM Circle rate. Currently, the price offered by the LDA is 2/3rd of the DM Circle rate.
Epaper
Newsletter
Stocks
Weather
Horoscope
