The Uttar Pradesh Housing Board has taken a proactive step to boost the real estate market by reducing the prices of 4,720 flats in Siddharth Vihar, Mandola, and Vasundhara by up to 42%. Originally priced between INR 69.4 lakh and INR 1.1 crore, these residential units have faced challenges in attracting buyers over the last decade. The price adjustment is part of the board's strategy to address subdued demand and stimulate interest among potential homebuyers.
The Uttar Pradesh Housing Board is undertaking a significant initiative to stimulate the real estate market by slashing the prices of 4,720 flats in prominent locations like Siddharth Vihar, Mandola, and Vasundhara by up to 42%. These residential units, initially priced between INR 69.4 lakh and INR 1.1 crore, have faced challenges in attracting buyers over the last decade. The move to reduce prices is part of the board's strategy to address the subdued demand for these properties.
Among the locations affected, Siddharth Vihar stands out, where the board has constructed 1,292 flats in three towers. However, 700 of these units remain unsold, prompting the decision to offer a substantial discount to potential homebuyers. Similarly, in Mandola, out of the 7,500 flats built by the board, approximately 4,000 are yet to find buyers. In Vasundhara, there are around 20 unsold units.
The pricing adjustments are not the first attempt by the board to enhance the marketability of its flats. In November of the previous year, the board implemented a 35% reduction in flat rates, but the response was not as robust as anticipated. A similar reduction of 20% was also introduced in December 2022. Despite these efforts, the board faced limited success in attracting buyers.
In light of the ongoing challenges, the Uttar Pradesh Housing Board is planning an extensive awareness campaign to promote the discounted flats. The campaign will be organized at the board's office in Vasundhara, with the aim of capturing the attention of potential homebuyers and communicating the value proposition of these residential units.
Siddharth Vihar, where the bulk of the unsold units are located, has witnessed increased real estate activity, with around ten builder projects underway across 635 acres. The strategic location of the township, near the Hindon River, the Delhi-Meerut Expressway, and the rapid rail, adds to its appeal. Approximately 40,000 people already reside in the towers developed by the board in Siddharth Vihar, making it a noteworthy area for prospective homebuyers.
This move by the Uttar Pradesh Housing Board is indicative of a concerted effort to address market challenges, adapt to buyer preferences, and revitalize demand in the real estate sector, ultimately contributing to the economic development of the region.
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