Flats unsold in two projects, housing board decides against hike in land rates

The Uttar Pradesh Housing and Development Board has decided against a major hike in land rates this year in its schemes in Vasundhara and Siddharth Vihar in Ghaziabad and have instead effected marginal hikes, officials in the know of the matter said on Friday.

The officials said they kept the hikes marginal owing to the presence of unsold properties.Officials said the land rates this year (2023-2024) stand at 55,600 per square metres (sqm) for flats in Bhramputra Enclave, 43,800 per sqm for flats in Ganga Yamuna and Hondon Apartments and 58,820 per sqm for other properties in the board’s Siddharth Vihar housing scheme.The scheme is under development near river Hindon and is situated between National Highway 9 and GT Road, said officials.

The rates in 2021-22 were 55,600 per sqm in Bhramputra Enclave, 43,800 per sqm in Ganga Yamuna and Hindon Apartments, and 57,600 in Siddharth Vihar.Officials said the new rates stood at ₹66,300 per sqm for flats in even-numbered sectors and 59,900 per sqm for flats in odd-numbered sectors in Vasundhara Township. These rates are the same as last year and have not been hiked this year, officials said.

In 2021-22, the rates in even sectors was 65,800 per sqm and 59,400 per sqm in odd-numbered sectors in Vasundhara.“The new land rates have been announced for the housing schemes in Vasundhara and Siddharth Vihar in Ghaziabad. The hike are very marginal and no large increase has been effected this year. The board has decided not to hike the construction cost for developed flats in four storeyed (ground plus three storeys) and multi-storeyed buildings. This year, the hike has been restricted as we have many unsold properties in these two housing schemes,” said Rakesh Chandra, superintending engineer, housing board.

According to the officials of the property department of the board, the Vasundhara scheme has 24 unsold flats in Sector 15 while the Siddharth Vihar scheme has 1,125 unsold flats as on date.“There has been no hike or very marginal hike this financial year because of unsold stock in Vasundhara and Siddharth Vihar,” said Sunil Sharma, property in charge of the housing board in Ghaziabad.