07 Mar 2024

The Supreme Court, in a recent hearing on the demolition of structures in Lucknow's Akbar Nagar, highlighted flaws in urbanization policies and the government's failure to provide affordable housing, citing it as a key driver for unauthorized constructions. Justices Sanjiv Khanna and Dipankar Datta noted challenges in urbanization policies, particularly in cities like Delhi, where unauthorized colonies proliferate due to inadequate land information. Concerns were raised over demolitions affecting both commercial and residential spaces, prompting a reevaluation of existing policies to address housing needs, especially for economically weaker sections. The court issued an interim stay on demolitions, emphasizing the necessity for comprehensive urbanization policy reviews to ensure housing for all.Read more

21 Feb 2024

In a recent ruling, the Lucknow bench of the Allahabad High Court addressed a key issue regarding eligibility under the state's slum policy. The court highlighted that those with commercial establishments in slum areas cannot be equated with traditional 'slum dwellers,' sparking debate. The case, focusing on the Akbarnagar demolition, saw the court directing authorities to provide details of slum dwellers filing GST and Income Tax returns. This underscores the court's intent to assess each case individually. The outcome of this legal battle will likely influence future urban development strategies and legal interpretations concerning slum rehabilitation policies.Read more

07 Feb 2024

The Lucknow Development Authority (LDA) achieved a significant milestone in real estate with a highly successful e-auction, garnering over INR 675 crore for commercial plots. Various plots, including those for group housing, schools, health centres/nursing homes, and mixed-use purposes, attracted enthusiastic buyers. Noteworthy transactions included the sale of a Central Business District Scheme plot for INR 180 crore and a health-centric space in Gomti Nagar Extension Scheme for over INR 50 crore. The LDA's proactive embrace of e-auctions, with another round valued at INR 2,500 crore, underscores its commitment to a dynamic and thriving real estate market in Lucknow.Read more

05 Feb 2024

BSNL plans to monetise 7.5 acres of prime land in Lucknow via e-auction, setting a reserve price of INR 226 crore. The land is part of a larger parcel which hosts a telephone exchange and customer service center across 0.63 acres while the rest is vacant. NLMC appointed CBRE South Asia to manage the sale. Eligible bidders include individuals, companies, LLPs, trusts, and funds. Bidders must upload documents from February 15-22, with the e-auction date to be announced later. This move aligns with BSNL's contribution to the National Monetisation Pipeline, aiming to monetise non-core assets like tower businesses and other properties.Read more

28 Dec 2023

Uttar Pradesh is set to launch India's inaugural AI city in Lucknow, spread across 40-acres in the Nadarganj Industrial Area. An Expression of Interest has been extended to real estate developers, promising financial incentives like Capex support and stamp duty exemption. The AI city aims to integrate advanced technology, research centres, and educational institutions, fostering an ecosystem conducive to AI and MedTech. The plan envisions plug-and-play infrastructure, premium Grade- A office spaces, a mix of housing options, and AI-driven internal transport, aligning with a walk-to-work model and dedicated spaces for academic collaboration.Read more

23 Dec 2023

The Lucknow Development Authority (LDA) has revealed a comprehensive plan to address the concerns of families facing eviction from residences along the Kukrail riverbed. LDA Vice-Chairman Indramani Tripathi cited the area's designation as a floodplain since 1904 and 1920, emphasizing unauthorized construction issues. To mitigate displacement impact, LDA has offered discounted housing options, reduced registration fees, and assistance for shop relocation. Business owners can relocate to LDA-developed shops with a 15% upfront payment and a convenient 10-year payment plan. The initiative aims to balance addressing encroachment issues while minimizing the impact on affected residents.Read more

07 Dec 2023

In a major development, the Enforcement Directorate (ED) has made its second arrest in connection with the money laundering investigation linked to Shine City in Lucknow. Abhishek Kumar Singh, identified as a key figure in facilitating the laundering of illicit proceeds, was apprehended from Sitapur. The investigation originated from approximately 250 FIRs against Rasheed Naseem and Shine City Group of Companies, accused of orchestrating a financial scheme that allegedly siphoned off Rs 800-1000 crore from the public. Singh's role in aiding Naseem in collecting, concealing, and laundering the ill-gotten gains has come under scrutiny, highlighting the complex web of financial misconduct surrounding Shine City.Read more

01 Dec 2023

The Enforcement Directorate (ED) recently apprehended Shashi Bala in connection with a money-laundering probe involving a Lucknow-based company accused of defrauding investors of Rs 800-1,000 crore. Bala, an active associate of the main accused, Rasheed Naseem, in the Shine City fraud, has been taken into custody. Naseem, the primary accused, is currently at large. A special court under the Prevention of Money Laundering Act has remanded Bala to ED custody until November 30. The ED revealed that Bala played a crucial role in assisting Naseem in concealing and laundering the proceeds of the alleged crime. The case involves raids, FIRs, and investigations into the financial misconduct.Read more

12 Oct 2023

The Lucknow Development Authority (LDA) plans to construct a seven-storey apartment exclusively for senior citizens in Gomtinagar's Viraj Khand. The decision involves cancelling the allotment of 9,000 square meters of land designated for railways. The Studio flats will be designed with a focus on the needs of senior citizens featuring spacious balconies, cross ventilation, and amenities like meditation centres and a gymnasium. The flats will be allotted on lease to individuals above 60 years who are living independently. The initiative aims to provide a comfortable and nature-connected living environment, addressing the well-being and minimalistic lifestyle preferences of senior citizens.Read more

12 Oct 2023

The Lucknow Development Authority (LDA) brings relief to economically weaker sections by waiving compound interest for defaulters of EWS and LIG houses and shops up to 20 square meters. The decision, approved during the LDA board meeting, aims to ease the financial burden on allottees under EWS, LIG, and Pradhan Mantri Awas Yojana. Divisional Commissioner and LDA chairperson Roshan Jacob, highlighting the hindrance posed by compound interest on recovery of dues, said that this move would rectify the issue to a large extent. LDA has taken a slew of measures to boost demand over the last couple of years such as lowering of interest rates, extending EMI period, and even freezing the flat prices under the first-come-first-served scheme for a year.Read more

30 Sep 2023

The Lucknow Development Authority (LDA) has uncovered a significant land scam involving fraudulent land allotment to a private developer in the Gomtinagar Extension scheme, amounting to approximately Rs 100 crore. The investigation, led by LDA Vice-Chairperson Indramani Tripathi, revealed that a parcel of land was fraudulently included in land acquisitions for development schemes and subsequently allocated to the developer. This scandal underscores the need for robust oversight, transparency, and accountability in land allocation processes. It also highlights the financial risks associated with fraudulent activities in land transactions and the importance of maintaining public trust in the administration.Read more

29 Sep 2023

Representatives from Noida, Greater Noida, and Yamuna Expressway authorities are scheduled to convene in Lucknow this week for a crucial meeting aimed at reviving stalled real estate projects within their jurisdictions. The agenda also includes discussions on recommendations put forth by a committee chaired by bureaucrat Amitabh Kant. These recommendations primarily involve granting waivers to developers to expedite the completion of delayed projects. Chief Minister Yogi Adityanath is expected to participate in the meeting. Currently, developers owe approximately Rs 45,000 crore to these authorities, a contentious issue under scrutiny by the Supreme Court.Read more

28 Sep 2023

The Lucknow Development Authority (LDA) has introduced a new initiative to alleviate financial burdens on individuals with disabilities and those from economically disadvantaged backgrounds. Under this scheme, LDA will calculate interest on late property payments using a formula that includes the Marginal Cost of the Fund-Based Lending Rate (MCLR) plus an additional 1% interest. This move was prompted by a distressing case involving a disabled individual who faced exorbitant compound interest on an LDA shop, making the property financially unattainable. Additionally, the LDA has pledged to combat fraudulent property registrations, ensuring prompt redressal of citizen concerns.Read more

26 Sep 2023

The Uttar Pradesh Urban Development Ministry has recently granted approval for a 750-acre township in Paratpur, Meerut. Spearheaded by the Meerut Development Authority, this project is located near the Delhi-Meerut rapid rail transit system, with an estimated land cost of Rs. 2,000 crore. The government has pledged 50% of this amount as a long-term, interest-free loan. This visionary project aligns with the impending completion of the Rapid Rail Transit System (RRTS) by 2025, aiming to optimize residential, commercial, and recreational spaces near transportation hubs. It will significantly ease daily commutes to Delhi, Noida, and Gurgaon, while also enhancing property values and expediting infrastructure development along the rail corridor.Read more

28 Aug 2023

The Bankers Institute of Rural Development (BIRD) convened in Lucknow, has discussed the potential of Svamitva cards—documents certifying rural property ownership—as eligible collateral for loans. Attended by representatives from major national and regional banks, as well as state commissioners, the meeting examined the card's validity as a conclusive property title and its implications for rural financial stability. This initiative could transform rural lending dynamics, providing villagers with enhanced financial avenues.Read more

28 Aug 2023

The Lucknow Development Authority (LDA) has revealed plans for a 'second innings' apartment complex in Viraj Khand, Gomtinagar, specifically designed for senior citizens. LDA Vice-Chairman, Indramani Tripathi, shared that the 2,500 sq mt project will feature seven-story buildings, each housing eight studio apartments tailored for seniors. The community will also boast amenities like a gym, meditation centre, and an on-site ambulance service. Unique leasing provisions allow residents aged 60 and above to transfer their flats to another senior citizen, ensuring the facilities cater exclusively to the elderly. Surrounding areas will see development of parks and wide roads.Read more

09 Aug 2023

Lucknow, the capital of Uttar Pradesh, is emerging as a prominent Industrial and Logistics (I&L) hub in Northern India, closely following Delhi-NCR, reports CBRE South Asia Pvt. Ltd. Noteworthy investments from Amazon, Mondelez, and Flipkart totalling INR 400 crore have contributed to this growth, with an additional INR 70 crore anticipated for upcoming warehouse developments. Demand for premium warehousing space in Lucknow has surged, with leasing activity increasing by an impressive 300% year-on-year to 0.18 million square feet in FY23. Factors such as competitive land prices, robust road connectivity, and supportive industrial land use classification under UPSIDA have fuelled this growth.Read more

27 Jul 2023

The Ahana Enclave housing project in Lucknow has missed its completion deadline, resulting in a financial burden of Rs 17 crore annually for the Lucknow Municipal Corporation (LMC). The delay has also caused interest payments on borrowed funds and unsold flats adding to the financial strain. Corporators have raised concerns about the project's slow progress and its impact on the city's finances. The LMC aims to expedite the sale of remaining flats to alleviate financial pressure and complete the project by December 2023.Read more

17 Jul 2023

Lucknow authorities have successfully collected an impressive amount of Rs 91 crore as CESS, aimed at bolstering the social security measures for construction workers. According to recent reports, these funds will be utilized to provide extensive coverage of social security schemes to approximately 3.85 lakh laborers who are duly registered with the labor welfare board. This significant development was announced by the department last week. With these additional resources, Lucknow aims to enhance the overall welfare and protection of its workers.Read more

26 Jun 2023

The Lucknow Development Authority (LDA) is requesting plot owners in Sushant Golf City to provide a no-objection certificate (NOC) from the irrigation department for their building plans. This requirement has been implemented due to the ongoing investigation by the Central Bureau of Investigation (CBI) into the developer, Anal API, for encroachment on canals and irrigation department land. The LDA will form a team to compare the master plan with maps from the irrigation and revenue departments to determine the exact canal alignment. Decisions regarding building plans for affected properties built on encroached land will be made accordingly.Read more