The Kanpur Development Authority (KDA), during its board meeting held on Friday, decided to reduce the cost of 5,600 unsold flats built under various schemes. The board members also approved a budget of Rs 25.15 billion for the current financial year and resolved to undertake development work worth Rs 1,291 crore, marking a 70% increase from the previous year's expenditure of Rs 640 crore.
Price Reduction Details
Divisional Commissioner Vijayendra Pandian, who chaired the meeting, announced that the unsold flats from 10 schemes will now be sold at reduced rates based on 2018 prices. The discounts range from 4.60% to 23.19%, bringing the flat prices between Rs 8.86 lakh and Rs 28.50 lakh. To secure possession, buyers must deposit 20% of the cost for EWS flats and 25% for flats in other schemes. KDA expects to earn Rs 1,400 crore from these sales and will organize camps to facilitate the process.
New Projects and Land Dispute Resolution
The board approved several proposals, including the construction of a bus stand at Jawaharpuram to connect Shatabdi Nagar and a super-speciality hospital at Macrobert Ganj. A long-standing land dispute over Ghantaghar in Swarup Nagar between KDA and Kanpur Municipal Corporation (KMC) was also resolved. Under the settlement, KMC will build a women's market with two basements and four stories at a cost of Rs 190 crore, sharing 15% of the income with KDA.
Under the Greater Scheme 2031, the city has been divided into 18 parts. The board also approved an increase in map fees and development fees, Pandian added.
