Lucknow Housing Board Cuts Plot Prices, Commercial Plots in IT City Become More Affordable

Lucknow: Homebuyers in Lucknow can now avail of plots at lower prices as the Uttar Pradesh Housing Development Board (UPHDB) adopts its new Ideal Costing Guidelines 2025. The Board’s latest meeting, chaired by Chief Secretary Guru Prasad at the Headquarters Auditorium on Mall Avenue, approved reduced rates for new residential and commercial plots, including 0.9% reduction for commercial plots in IT City.

Key Decisions from the 274th Board Meeting:

• Plot Prices to Drop: Under the new guidelines, residential plots in upcoming housing schemes will be priced lower. Buyers can also benefit from up to 25% discount, reduced interest rates, and rationalized additional charges such as corner, park-facing, and road-facing plot fees.
• IT City Commercial Plots: Prices for commercial plots in IT City have been reduced by 0.9% to attract buyers, particularly for plots that remained unsold despite four auction attempts. The move is expected to generate around ₹300 crore in revenue for the Board.
• Aravali Enclave Expansion: In Vrindavan Scheme Sector-12, five new towers with approximately 240 flats of 1,500–1,600 sq. ft. will be constructed. Prices for these flats range from ₹80–86 lakh. Initial towers launched in 2017 saw slow sales until a 15% discount was offered, after which demand increased significantly.
• Discounts for Armed Forces: Serving and retired personnel of armed and paramilitary forces will receive a 20% discount on flats, compared to a 15% discount for general buyers. Payment deadlines have also been extended, with discounts tiered based on the timing of full payment.
• Other Residential Projects:
• Pratapgarh: New 141-hectare scheme to start within six months.
• Mau: New 197-hectare project approved.
• Ghazipur: 64-acre project to be launched next year.
• Minor housing schemes have also been approved for Chitrakoot, Ghazipur, and Banda.
• Lease of Football Ground: The development authority’s football ground in Vikas Nagar will be leased to a private organization for 10 years, with fees for players collected at government rates.
• Recovery from Retired Staff: The Board imposed penalties on 15 retired officials for irregularities in various projects. Recoveries will include 5–10% deductions from pensions.

Impact on Buyers:
The new guidelines make it easier for buyers to acquire plots at more affordable rates, especially for unsold commercial plots and vacant flats. In the last one-and-a-half months, 1,504 flats have been sold, including 692 flats in Lucknow, after price reductions were implemented.