Cricket stadium: Govt to relax norms to attract private firms
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Following the lack of response from private players to develop the ambitious international-level cricket stadium-cum-sports complex project in Lucknow, the state government is going to relax the terms and conditions.
The Lucknow Development Authority (LDA) - the nodal agency of the project - has sent a proposal to the state government for Cabinet's approval to make changes in the terms and conditions that will allow the developer to sell off the commercial and residential properties— to be developed on 67 acres of area— in three phases, while constructing the sports complex in same number of phases in three years.
As per the proposal, the developer can sell 60 per cent of the commercial and residential properties on completion of the development of cricket stadium, which will have a seating capacity of 50,000. The developer may sell another 20 per cent after completing the indoor sports facilities like swimming pool, badminton court, tennis court and others. Rest 20 per cent of the properties could be sold after completing the remaining works of the sports complex. According to the existing terms and conditions, a developer can sell off these properties only after completing the entire sports complex.
"Commercial and residential properties would be the only source of income for the developer until the completion of the project. Because of the restriction in sale of these properties, the private players were hesitating to take part in the bidding process and investing in the project," said an LDA official.
The official said that no private firm had bid for the project in the last one year, adding that the last date of submission of bids has been extended to July 17. The 350-crore project will be developed on Design-Build-Finance-Operate-Transfer basis. The concession period will be 35 years for the developer to operate and develop the sports complex.