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.
The Lucknow Development Authority (LDA) has unveiled a new initiative aimed at providing relief to individuals with disabilities and those hailing from economically disadvantaged backgrounds. The crux of this plan involves a revised method for calculating interest on late property payments. Under this scheme, LDA will adopt a formula comprising the Marginal Cost of the Fund-Based Lending Rate (MCLR) coupled with an additional 1% interest, which is intended to alleviate the financial burden on these marginalized groups.
This significant decision by the LDA was precipitated by a heart-rending case involving a disabled individual who had purchased an LDA shop. This individual found themselves ensnared in a seemingly insurmountable quagmire of compound interest, with an astronomical sum of Rs 1 crore accruing due to delayed payments. This predicament not only rendered the property financially unattainable but also thrust the individual into the disheartening predicament of receiving notices urging them to relinquish ownership of the property. This incident, highlighting the grim realities faced by persons with disabilities in accessing housing and economic opportunities, served as a catalyst for the LDA's transformative decision.
In response to this troubling case, the Divisional Commissioner of Lucknow, Roshan Jacob, swiftly intervened. She commissioned the formulation of a comprehensive proposal aimed at mitigating the burden of compound interest for individuals residing in economically weaker sections (EWS) and those belonging to the lower-income group (LIG). Commissioner Jacob's proactive approach underscores the commitment of the LDA to ensuring equitable access to housing and property ownership for all citizens, regardless of their socioeconomic status or physical abilities.
Additionally, Commissioner Jacob emphasized the imperative need to address the issue of fraudulent registrations associated with the Transport Nagar Yojana on Kanpur Road. In a proactive move, the LDA has pledged to initiate legal action by filing First Information Reports (FIRs) against individuals involved in these illicit practices. This resolute stance on combating fraud serves as a beacon of hope for the many citizens who have been victims of such malfeasance.
During a recent camp organized by the LDA, a remarkable 54 complaints pertaining to various issues were brought to the forefront. Among these grievances, 19 were expeditiously resolved on the spot, a testament to the LDA's commitment to swift redressal of citizen concerns. The remaining complaints were diligently handed over to the appropriate officials for expeditious resolution, underscoring the LDA's commitment to ensuring that the voices of the people are heard and their issues addressed promptly.
In conclusion, the LDA's innovative approach to re-evaluating interest calculation for late property payments demonstrates a commendable commitment to fostering inclusivity and economic empowerment for individuals with disabilities and those hailing from disadvantaged backgrounds. Commissioner Roshan Jacob's unwavering resolve to combat fraudulent practices in property registrations sends a clear message that the LDA stands as a staunch guardian of the rights and interests of its citizens. This proactive engagement with citizen concerns, as exemplified during the recent camp, underscores the LDA's dedication to ensuring that every resident of Lucknow has an opportunity for a brighter and more secure future.
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