GHAZIABAD: To attract buyers, the UP Housing Board is cutting the cost of 4,720 flats in Siddharth Vihar, Mandola and Vasundhara by up to 42%, officials said on Friday.
These flats were originally available in a range of Rs 69.4 lakh to Rs 1.1 crore.
The move was taken as few homebuyers have opted for the flats built by the board in the last ten years.
In Siddharth Vihar, the board constructed 1,292 flats in three towers. Of these, 700 are yet to be sold. Similarly, 4,000 out of 7,500 flats in Mandola are to be purchased. The figure for unsold units is 20 in Vasundhara.
“Across different housing schemes in the district, there are about 4720 unsold units. In Siddharth Vihar, for instance, out of total 1,292 units in Ganga, Yamuna and Hindon schemes, there are 700 unsold units. In the Mandola housing scheme, out of 7,500 units, about 4,000 are still unsold while in Vasundhara, there are about 20 flats that are up for grabs,” said Sunil Kumar Sharma, estate management officer, UP Housing Board.
Without the discount, 1BHK in a Housing Board project costs Rs 69.45 lakh; 2BHK costs Rs 87 lakh, and 3BHK costs Rs 1.15 crore.
This isn’t the first time that the Board has cut its rates to get buyers.
In Nov last year, the board had slashed the rate of flats by 35%, but response to that was feeble. Before that, in Dec 2022, the board had slashed the rates of its flats by 20%, but this too saw limited success.
This time, the board is planning to organise an awareness campaign at its office in Vasundhara to get homebuyers’ attention. Spread over 635 acres, there are at least ten builder projects coming up in Siddharth Vihar. Around 40,000 people already live in the towers developed by the board. Officials say the township’s location is strategic as it lies near Hindon river. It also has the Delhi-Meerut Expressway on one side, and rapid rail on the other.
