GHAZIABAD: The Uttar Pradesh government plans to offer discounts of up to 25% to clear a stockpile of nearly 10,000 unsold flats developed by the Ghaziabad Development Authority (GDA) and the UP Housing Board in the city.
This initiative is part of the Model Costing Guidelines Basic Principles 2025, aimed at resolving the inventory of unsold flats and plots while standardizing pricing across various development authorities and housing boards.
GDA currently has 1,748 unsold flats across five housing schemes.
In addition, the housing board has approximately 8,000 unsold units in Ghaziabad, with around 4,000 in the Ganga Yamuna and Hindon schemes of Sidharth Vihar, and another 4,000 in the Mandola housing scheme.
Previously, there was inconsistency in pricing across different development authorities. “To address this issue, the UP government introduced these guidelines. Following cabinet approval, Principal Secretary (Housing and Urban Planning) P Guruprasad has directed all development authorities to implement the new guidelines,” stated a GDA official.
The revised pricing will take into account factors such as land acquisition rates, external and internal development charges, and construction costs, potentially reducing unit prices by around 25% compared to current rates.
In addition to the 25% base price discount, the guidelines offer further rebates for prompt payment—6% for payments made within 45 days, 5% within 60 days, and 4% within 90 days.
There are stricter caps on premium charges. For flats and plots featuring corner units, parking-facing units, and those located on 18-metre-wide roads, prices will increase by 5%, with a cap of 5% compared to the previous cap of 8% to 10%. Overall, the maximum additional charge for all benefits cannot exceed 12% of the original cost. Other highlights include a fixed interest rate of 8% for EWS and LIG flats.
For GDA, which has unsold inventory ranging from EWS to larger homes, current unit prices range from ₹5.7 lakh for EWS units to ₹69.4 lakh for various schemes offering 1, 2, and 3 BHK, as well as mini LIG and LIG flats. In contrast, the housing board’s pricing is higher, with a 1 BHK unit listed at ₹69.4 lakh, a 2 BHK at ₹87 lakh, and a 3 BHK at ₹1.1 crore.
