GHAZIABAD: The Ghaziabad Development Authority (GDA) is set to engage brokers and form a marketing team to sell over 1,700 unsold residential units, according to an official announcement.
“Currently, there are 1,748 residential units from at least five housing schemes that remain unsold, despite some interest in these 1, 2, and 3 BHK units, as well as mini Low Income Group (LIG) and LIG flats priced up to Rs 70 lakh each,” the official disclosed. This new strategy aims to secure over Rs 500 crore from these properties.
Under this initiative, which mirrors tactics often used by private developers, the GDA will hire professional real estate brokers to attract potential buyers. “Brokers will have the flexibility to enhance properties with retrofitting as per market demands. Upon property registration, the GDA will reimburse refurbishment costs. Brokers can also combine smaller flats to better meet buyers’ needs,” the official elaborated. Once a property is sold, brokers will receive an additional 1% of the property’s base price as compensation.
A marketing cell will be established from among the GDA’s existing workforce, tasked with assisting prospective buyers and showcasing available properties.
However, this scheme will not apply to EWS flats designated for the economically weaker segments of society.
In December 2022, the Uttar Pradesh government launched a similar initiative known as the Model Costing Guidelines to address unsold inventory. This approach resulted in a general price reduction of around 25%. The policy also offers a maximum discount of 25% off the base price for early payments, with additional discounts of 6%, 5%, and 4% for one-time payments made within 45, 60, and 90 days, respectively.
