Lucknow Development Authority awards contracts for five real estate projects
New Delhi: The Lucknow Development Authority has allotted contracts for five real estate projects worth Rs 102 crore. Of the five, three projects are residential having a total of 1,000 apartments.
The three housing projects are worth Rs 60 crore. They are located at Rae Bareli Road, Gomtinagar Extension and Sultanpur Road.
There other two projects are for installation of four escalators each at Charbagh and Polytechnic foot over bridges. The cost of the projects is Rs 40 crore.
Interestingly, most of the real estate construction is stopped due to the lockdown and also due to labour shortage. The migrant labourers’ who were carrying on the construction work at most places in the country are headed back to their native laces and there is severe shortage of labour.
State RERA has extended the deadline for all real estate project by 6 months and it is to be seen how these five projects will be started.
Even raw material prices have shot up. There prices of cement have gone up by Rs 100-150 per bag while steel prices have also increased during the current lockdown.
Very few real estate developers are starting new construction. Their focus is on completion of existing projects.