LDA to begin bidding for hotel project

A few weeks back,the state government had appointed Delhi-based Abacus Legal Group as transaction adviser for preparation of the project report and check its viability. The firm has recently submitted its report stating that the project was viable.

“As transaction adviser has reported the project to be viable,now bidding will start for selection of developer of the project. Request for Qualification (RFQ) will soon be invited from experienced firms,” said Rajeev Agarwal,vice-chairman,Lucknow Development Authority,the nodal agency for executing the bidding exercise.

Paving the way for development of the project,the LDA board had recently given approval to a proposal for raising the Floor Area Ratio (FAR) for such structures on that land from 2.33 to 4. An increased FAR means that the building would be taller.

The LDA board on February 11 had approved a proposal for changing the use of that land from “residential” to “commercial”. The location of the project holds high commercial value as it is located on Lohia Path,close to two shopping malls and is only 3 km from Hazratganj. The land is near Bhimrao Ambedkar Gomti Vihar and other memorials developed by the state government.

Justifying the government decision to develop the hotel-cum-commercial project,a senior LDA official said there was demand for good hotels in Lucknow,particularly in Trans-Gomti area. Official said a similar hotel may also be developed on Faizabad Road where LDA has recently got its land vacated from illegal possession.