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As per Lucknow Development Authority officials, plots ranging from 10,000 square meters to 27,000 will be on sale. These plots will be developed for business activities, creating an industrial hub at Shaheed Path. As per reports, the plots on sale are available in approximate sizes of 10,000, 19,000 and 27,473 square meters.
Potential investors and buyers are expected to pay about 5% of the total plot cost to the LDA before the auction begins, Secretary Pawan Kumar Gangwar said in an official statement. Post this, the development agency will allocate land parcels on a lottery basis.
Since the opening of the Ekana stadium and Pheonix Palassio Mall in the area, commercial activity in the CBD region is on a boom. Most new businesses in Lucknow are targeting this prime time property, to either set up or scale their ventures. With more investors interested in real estate here, the LDA has seized this viable opportunity to boost its revenue. The move is also expected to develop a dedicated business park in Lucknow, similar to metropolitan cities across the globe.
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