The covid pandemic has been bittersweet for the Rajasthan Housing Board. A department plagued by financial woes was finally able to regain revenue through selling ready unsold inventory built up over the last couple of years. They made a staggering 2378 crore rupees in 2021–2022, up from a little over 100 crore rupees in 2018–2019, primarily from the sale of more than 16000 residential units and nearly 3000 shops throughout the state.
Source: ET Realty
The covid pandemic has been bittersweet for the Rajasthan Housing Board. A department plagued by financial woes was finally able to regain revenue through selling ready unsold inventory built up over the last couple of years. They made a staggering 2378 crore rupees in 2021–2022, up from a little over 100 crore rupees in 2018–2019, primarily from the sale of more than 16000 residential units and nearly 3000 shops throughout the state. These residential units were all older than 12-15 years.
According to the Housing Commissioner Pawan Arora, there was a point in 2019 when the government was considering closing this department. They eventually spent their savings to pay the employees' salaries because they were unable to generate any income. However, after that, they decided to give it one more shot and took a few actions that enabled them to regain their independence.
According to officials, the Housing Board has over 20000 residential units that have not been sold for nearly 15 years as of June 2019. With no attempt to market present inventory, every prior administration seems to have built additional residential complexes during their tenure.
Eventually the Housing Board took a decision to start selling such units through e-auctions by degrading the price instead of appreciating it and began holding sales every Wednesday. This was a great strategy that helped them sell 1010 homes in 35 days during the recession and then 1213 units in just 12 days. This achievement had been honoured by the World Book of Records in London.
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