The UP Housing and Development Board (UPHDB) has decided to keep the price of its unsold flats across various housing projects constant, while the rates of plots would increase by around 20% this year.
UPHDB has many unsold inventories in Lucknow, Ghaziabad and Kanpur and hence has decided to keep the rates fixed to attract more buyers.
Officials said that UPHDB has over 12,000 unsold flats in Lucknow, Ghaziabad and Kanpur, which it wants to sell on priority. Of this, around 8,000 unsold flats are in Lucknow alone.
The board is also contemplating to hire central agency MSTC Limited to help conduct the e-tendering of the unsold commercial and group housing projects that are worth above Rs 5 crore and have been lying unsold for over three years.
The board held its budget meeting on May 14 and also took a call on various policies. It approved a budget of Rs 3,083 crore for this year, which is much less than last year’s sanction of Rs 4,200 crore. Officials said that UPHDB is not launching any new scheme in this financial year, so it has reduced the budget.
It approved construction of around 4,000 flats under the Pradhan Mantri Awas Yojna across Uttar Pradesh, of which maximum units would come up in Awadh Vihar Yojna of Lucknow (on Sultanpur Road), while a few hundred units will be in districts like Sultanpur, Moradabad etc.
The cost of flats is estimated at Rs 4.5 lakh each, in which the central and state government subsidy will be of Rs 1.5 lakh and Rs 1lakh respectively, while the remaining Rs 2 lakh would have to be paid by the allottee. The flats are meant for people with less than Rs 3 lakh income per year.