LUCKNOW, June 26 -- In a push to revive its stagnant real estate portfolio and recover mounting dues, Lucknow Development Authority (LDA) has launched timebound discounts on decades-old unsold commercial properties and strict action against property defaulters who owe the authority over Rs.460 crore in dues.

The initiative aims to clear around 5,000 unsold commercial properties. The scheme has been in effect since April 1 this year.

LDA secretary Vivek Srivastava called it a necessary move to revive public interest in long-abandoned properties. "This is the first time LDA is offering discounts on commercial properties. We are trying to push the sale of properties that have remained unsold for years. Through this scheme, genuine buyers c...