In spite of over 3,000 flats still lying unsold, the Lucknow Development Authority on Sunday allotted contracts for five development projects, including three housing, with around 1,000 flats.
The cost of the five new projects is Rs 102 crore, including Rs 60 crore for housing. The other two projects costing Rs 40 crore include installation of four escalators each at Charbagh and Polytechnic footover bridges.
“LDA launched three housing projects as it had invested Rs 75 crore in land acquisition and removal of encroachments. There will be 300-400 flats in each project,” said vice chairman Shivakant Dwivedi.
“The housing projects are in Gomtinagar extension, Rae Bareli road and Sultanpur road. We anticipate revival of economy soon. Besides, these projects will provide employment,” he added.
As of now, about 3,465 flats in five LDA housing projects are lying unsold for 2-3 years due to slump. It has announced 25% discount on the flats.