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UP Government Urges For A Plan To Sell Unsold Flats

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UP Government Urges For A Plan To Sell Unsold Flats

The UP government has asked all the development authorities in the state to come up with a plan to offer unsold properties at competitive prices

The Uttar Pradesh (UP) government has instructed the development authorities across the state to devise a policy to sell their unsold flats and commercial spaces. A meeting held in Lucknow on Wednesday was chaired by the principal secretary of the housing and urban planning department and attended by finance controllers from development authorities to discuss the issue.

Ghaziabad Development Authority (GDA) Vice-Chairman Kanchan Verma said that this move is aimed at formulating a calculation method to help the authorities offer properties at competitive prices when compared to private builders. 

Verma said that there is a huge gap between the price offered by them and the private builder for flats which are similar in dimensions. A flat priced at Rs 1.25 crore by GDA available at Rs 75 lakh, all thanks to private builders. As a result, buyers go to private builders without a second thought. The cost of unsold GDA properties is worth Rs 2,000 crore. The authority has failed to sell the properties despite conducting auctions for 15 to 20 times in the past. 

The GDA also reduced its administrative and supervision charges levied on its properties to make it competitive. But such measures have also proven to be inadequate. The Vice-Chairman said that the entire exercise is being done to come with a plan which will effectively resolve this issue. 

Verma also added that no concrete decision has been made so far. All the authorities are brainstorming to come up with a solution and have been asked to submit their report. She said that there is also a possibility that it may not fetch any conclusion. GDA also recently decided to relaunch its Chandrashila Housing scheme. The scheme is known for offering flats at reduced prices. 

Source: TOI

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