GDA offers 1,697 new flats with 10-year repayment period

Starting midnight January 14, the Ghaziabad development authority (GDA) launched a new scheme offering 1,697 flats across housing projects. More importantly, GDA

Starting midnight January 14, the Ghaziabad development authority (GDA) launched a new scheme offering 1,697 flats across housing projects. More importantly, GDA officials said, the extended repayment period for this scheme would be 10 years, to be paid quarterly at 7.5% simple interest, instead of earlier repayment period of three years.

HT Image

GDA officials said that under the new scheme, different flats ranging from ₹22 lakh to ₹55 lakh are on offer and include a mix of high-, middle- and lower-income group (LIG) flats at different schemes, including Madhuban Bapudham, Indirapuram, Koyal Enclave, Chandrashila and Indraprastha.

Presently, the allottees have to make an initial payment of 10% registration charge, 10% reservation charge and balance 80% is paid in quarterly instalments spread over a period of three years. The repayment also attracts simple interest of 7.5%. However, in December last year, the authority had decided to extend the repayment period from 3 years to 10 years to push sales and dispose of its inventory.

“The flats are newly constructed and comprise 2BHK and 3BHK flats; some 113 LIG flats are on offer. The GDA has decided to revised the extended repayment period to 10 years, instead of 3 years, for allottees. The scheme will be open for a month and applicants can access all the project-related details on our website,” GDA secretary SK Rai said.

The proposal to extend the repayment period for instalments will be placed before our board which is scheduled to meet on January 18. The board will be apprised of the proposal, Rai added.

“The decision has been taken by the vice-chairperson who is authorised to extend the repayment period. The proposal for extension of repayment period is taken to the board only for appraisal. The repayment period extension of 10 years will be applicable for the new scheme which has been opened for one month. The 1,697 new flats on offer are estimated to cost a total of ₹700 crore (approximately),” GDA’s officiating property in-charge AR Rahi said.

Up for grabs in Ghaziabad

1,697 flats on offer

₹22 lakh to ₹55 lakh price range

3-year repayment period extended to 10 years

Flats located in different schemes at Indirapuram (3), Chandrashila (62), Indraprastha (400), Koyal Enclave (529) and Madhuban Bapudham (688), Naya Khand (18)

113 flats are under lower income category. Majority flats (2BHK and 3BHK) are under middle- and high-income categories