In its bid to become financially viable, Ghaziabad Development Authority (GDA) has decided to sell its unsold properties and downsize its existing plots and lower property rates to attract buyers.
GDA Vice-Chairperson (VC) Kanchan Verma told The Pioneer, “It is the need of an hour to tighten the belt to face the real estate market reality. We are working on two folds, one to sell unsold properties and making our properties within the reach of common man, we have decided to downsize the plots along with Transit Oriented Development (TOD). Most importantly, we want to create a conducive atmosphere for entrepreneurs”.
“In view of the prevailing market conditions, we have decided to bring down the rates of the properties to the reach of common man. A Zonal plan is being formulated to carve smaller size plots instead of bigger ones. Earlier the plot sizes were of 2,000 square meters. Now real estate market is not allowing us to sell such big sized plots. So we have decided to bring them in smaller size in our newly developed TOD routes”, she added.
“We are adopting other measures also to generate funds like recovering outstanding bills from the builders. To promote sale of unsold residential properties, we are cutting down interest rates for which a committee has been constituted to study the viability” added the VC.
To keep a pace with development, GDA has paid Rs 30 lakh to DMRC to prepare a detailed project report (DPR) to connect the DMRC’s Noida track to Mohan Nagar via Vasundhara and extension of Vaishali Metro line to Mohan Nagar.
A total of Rs 1.20 crore has to be paid for which a token amount has been paid so that the DPR work is initiated at the earliest, Verma said.