GHAZIABAD: The Ghaziabad Development Authority (GDA) has reduced the interest rate on its properties from 10.7% to 8.7%, aligning it with the State Bank of India’s current rate as mandated by the state government.
The rates will be subject to change in tandem with SBI’s adjustments. If SBI alters its interest rates, the GDA will likewise make necessary changes. This rate had been unchanged at 10.7% for the past seven years (since 2018).
“Discussions regarding the interest rates charged by development authorities across the state were held, where it was emphasized that rates should be aligned with SBI. Why impose high rates when banks are offering lower ones?” stated a GDA official.
The GDA has also decreased the penalty for missed EMIs from 3% to 2%, making it more competitive in the market. The official noted that this new rate is expected to improve consumer sentiment and facilitate the sale of GDA properties.
Currently, the GDA has 1,748 unsold dwelling units. Prices per unit range from Rs 5.7 lakh for Economically Weaker Section (EWS) units to Rs 69.4 lakh across various housing schemes, including 1, 2, and 3 BHK flats. The interest rate reduction is anticipated to accelerate inventory clearance.
