PRAYAGRAJ: In a pivotal move aimed at enhancing housing accessibility and encouraging the sale of unsold properties, the Prayagraj Development Authority (PDA) has introduced the long-anticipated Model Costing Guidelines. This new policy permits multiple family members to buy separate flats or houses under its residential schemes.
This change represents a significant shift from prior regulations that restricted allotments in PDA housing projects to just one family member.
Officials pointed out that no significant guidelines governing property transactions in development authority schemes have been introduced since 1999. This reform is thus considered a landmark decision after 26 years, having been officially adopted during last month’s PDA board meeting.
The revised framework is expected to enhance affordability for buyers while boosting participation in PDA schemes and addressing the large inventory of unsold flats in older projects.
To address the issue of vacant properties, the PDA has also opted to collaborate with brokers. These brokers will bring in potential buyers and handle necessary repairs and painting at their expense. The costs of renovations, in addition to the property price, will be recouped from the buyer, with the authority paying a commission to the brokers. The specifics of the commission structure are still being determined.
A senior PDA official stated, “Several flats in older schemes remain unsold primarily due to their condition, which has deterred buyers. This new mechanism aims to enhance the condition of these units, making them more market-ready and facilitating quicker sales.”
Currently, several PDA schemes possess a considerable inventory of vacant flats and plots. These include Jagriti Vihar Yojana Kalindipuram, Yamuna Vihar Housing Scheme Naini-1, Alaknanda Apartments in Govindpur, Mausam Vihar, Manas Vihar Housing Scheme Naini, Azad Apartments Naini, Saram Vihar, and Sugam Vihar Housing Scheme.
PDA Vice-Chairman Rishi Raj mentioned that the implementation of the Model Costing Guidelines would offer greater flexibility to buyers and assist the authority in efficiently liquidating its unsold inventory.
“This initiative is expected to be beneficial for both homebuyers and the authority, contributing positively to urban housing development in Prayagraj,” he remarked.
