Ghaziabad authority manages to 127 flats on its unsold inventory
The authority resorted to a wide publicity campaign and also freezed sector rates to rationalize the prices of its properties as compared to the market rates or those offered by private builders. Both strategies paid off and 127 unsold properties were sold last month
Around 127 unsold flats/properties of the Ghaziabad Development Authority (GDA) were sold this August, thanks to the concerted efforts of GDA officials and also the introduction of the Regional Rapid Transit System (RRTS) in the district.
Officials said the authority had a list of about 1,742 properties in different housing schemes, which had no takers even after several auctions.
This time, the authority resorted to a wide publicity campaign and also freezed sector rates to rationalize the prices of its properties as compared to the market rates or those offered by private builders. Both strategies paid off and 127 unsold properties were sold last month.
“This time, we resorted to wide-scale publicity and even used the FM radio to publicise the unsold inventory. Further, the freezing of sector rates also helped. Our properties like 2BHK/3BHK flats are priced ₹10-12 lakh below the rates offered by private players in the market. So, buyers and opted for about 127 flats. Our flats are on officer on a ‘first come, first served’ basis and that strategy will continue,” said Atul Vats, vice-chairperson, GDA.
The officials said 42 flats were sold in the Madhuban Bapudham housing scheme as well all 48 unsold flats in Sanjaypuri scheme in Modinagar. Likewise, the unsold inventory of 27 flats in GDA’s Chandrashila scheme was taken by buyers as was nine flats in Indraprastha scheme.
The officials said the sale of 127 flats will bring in a revenue of about ₹30 crore .
“We also tied up with banks and arranged for loans. The arrival of the RRTS project also had a positive impact. The Madhuban Bapudham is adjacent to the RRTS corridor while Chandrashila is also located nearby the RRTS. We are also expecting that the construction of the proposed rail overbridge near Madhuban Bapudham will be completed within the next seven or eight months, and this will help us get better connectivity with the Delhi-Meerut Road,” Vats said.
The RRTS project has eight stations in Ghaziabad in Sahibabad, Ghaziabad city and further towards Meerut via Delhi Meerut Road. All areas within a 1.5km radius of the eight RRTS stations have also been defined as transit-oriented (TOD) zones and made part of draft Master Plan-2031. The TOD zones will have mixed land use.
The GDA officials said due to improved connectivity and proposed connectivity, buyers from Ghaziabad, Gautam Budh Nagar and Delhi are opting for unsold properties of the GDA.
Earlier in August, the GDA board also gave a nod to freeze the sector rates of properties in order to bring the prices on par with market rates. The sector rates are rates at which the GDA sells it properties for the first time to an allottee. The subsequent sales are taken up on circle rates which are defined by the district magistrate.
The decision to freeze the sector rates is prevalent since 2012 when officials decided to bring the sector rates and circle rates on par with each other. Otherwise, consistent hikes in sector rates have rendered prices of GDA properties higher than the prevailing market rates.