E-Paper
Realty expert to help DDA review schemes, boost flats sale
The Delhi Development Authority (DDA) has hired a private marketing agency and a real estate advisor to boost sales of its unsold inventory of flats. The move comes after the DDA incurred losses of over ₹18,000 crore in the last financial year. The marketing agency will handle advertising and promotion, while the real estate advisor will conduct a market analysis to determine why the flats remain unsold and suggest measures to increase sales. The DDA is expecting suggestions including reduced prices or increased amenities to attract buyers.
The Delhi Development Authority (DDA) has hired a private marketing agency to boost sales and a real estate advisor to prepare a report on why it has not been able to sell its unsold inventory, according to senior DDA officials aware of the matter. Both agencies have been hired for three months.
Officials said that DDA has taken these steps for the first time to increase the sale of flats after its losses amounted to over ₹18,000 crore during the last financial year. DDA incurred the loss due to an unsold inventory of around 40,000 unsold flats, most of which are in Narela.
“For the first time, we hired a creative agency that is taking care of the advertising for the ongoing residential flats scheme of 2023. They are undertaking a 360-degree approach wherein we are putting out ads in newspapers, online, TV, and radio. We also have a radio jingle and digital outdoor advertising. Additionally, there are posters put up on buses and autos. It also seems to be benefitting as over 1,600 of the 5,500 flats have already been allotted within a month,” said a senior DDA official, requesting anonymity.
Meanwhile, officials said the real estate advisor will conduct a market analysis to determine why the flats remain unsold and how the sales can be increased, over the next 45 days.
“We have hired Anarock consultants who will study the demand and supply patterns, migration patterns, comparison of our flats with those in NCR cities and suggest what is going wrong. They will also suggest measures to increase sales,” added the official cited above.
Officials said that they are expecting suggestions including reduced prices or increased community amenities within the gated societies to increase the sale of flats.
DDA has announced approximately 54 housing schemes since it started making housing units in 1967.
“There has been enormous development in NCR in the real estate sector during the last 25 years. Buyers now have multiple options to buy fats constructed by private builders/developers in satellite towns of Delhi like Gurgaon, Noida, Faridabad, Ghaziabad, etc., where a huge inventory of unsold fats is available for sale. The impact is seen in the lesser demand for DDA fats. Since 2014, all housing schemes launched by DDA have received a poor response,” the DDA said in a tender document.
It added that the housing demand for Delhi (2011-2041) is estimated to be 3.45 million dwelling units, assuming an average household size of 4.5 people.
