Earn profits by investing in these localities of Lucknow
The latest from the city of Lucknow is the creation of Master Plan 2031. The booming population is estimated to reach 65 lakh by the year 2031. The influx of people from neighbouring cities such as Kanpur, Allahabad, Muzzafarpur, amongst others and trickling migrants from other parts of the country has pushed the Lucknow Development Authority to take heed on the future requirements of the city. Land has surfaced as the most lucrative residential asset to possess as per the new plans of the authority.
Like any other city, Lucknow already has been stretching its peripheries. The government authority intends to add important infrastructure such outer ring road and lateral roads which will facilitate future residential developments.
An official from LDA mentioned, “Mixed land use would be a key feature in forthcoming projects where all kinds of land use – residential, commercial and institutional would be made for the convenience of people. Mixed land use would be a key feature in forthcoming projects where all kinds of land use – residential, commercial and institutional would be made for the convenience of people.”
Aliganj, Mahanagar, Jankipuram, Gomti Nagar, Sitapur Road and Kanpur Road are some LDA areas which were impacted by the lowering of land use conversion rates earlier this year.
Initially, people who wanted to use their residential areas for commercial use had to pay District Magistrate circle rates which were high. Most residents were unable to afford the charges as the circle rates would increase year-on-year basis. The government body however changed the rules to payment of LDA sector rates which are usually up to 2 times cheaper than the circle rates.
Mixed use conversions
The conversions permitted by the LDA include commercial, office use, retail, transport, amenities, green open space, mixed and also agricultural. Localities falling under the jurisdiction of LDA can change their asset accordingly to any of the above after paying a fee.
Mixed use concept in real estate is beneficial for buyers, developers and the city. Buyer’s advantage of earning profits has already been covered. For the city, development of mixed use projects or townships eases the pressing pressure on the city’s existing infrastructure. For developers, the flexibility of land use reduces the risks, thus improving the chances of earning good returns.
Lucknow latest move towards mixed use real estate seems to be the right mix!