Are you interested in buying a home or a commercial space in Lucknow? If yes, then this is probably a suitable time to make the investment, as the interest rate on the commercial and residential properties in Lucknow has been reduced by 2%. As per a report, the Lucknow Development Authority (LDA) has taken this decision to lessen the interest rate on the properties that are available for sale in Lucknow.
The official of LDA informed that this 2% concession will be laid on flats, housing units and commercial spaces. Previously the levied interest on the principal amount of the property was 11% which now has been decreased to 9%. The final words on the interest rate reduction were circulated after the LDA board meeting chaired by Mr Ranjan Kumar, Divisional Commissioner and Mr Abhishek Prakash, Vice-chairperson, LDA.
Commercial spaces and flats in Lucknow that are sale ready, are grabbing more interest of the buyers and investors of the city. This will to a great extent boost the revenue of the Lucknow Authority that was adversely affected by the global pandemic. The number of vacant flats is expected to be filled quickly with the advent of this reform in the Lucknow real estate sector.
For investors or buyers who are planning to buy three or more residential or commercial spaces in the city can now be happy, as the authority is also planning to introduce a proposal of some discounts to such bulk buyers. However, this decision is yet to come on paper, as it requires more discussion and planning.