In a bid to alleviate the housing surplus, the Meerut Housing and Development Council has announced a significant price reduction on 1524 vacant flats in Jagriti Vihar Extension. With the festive season approaching, these flats will witness a price drop ranging from 20% to 25%. The discounted rates are applicable under the condition of a lump sum payment within 60 days. Additionally, prospective buyers can enjoy an extra 5% discount for group housing. For those seeking financial assistance, bank loans are available for convenient payment options.
The current scenario reveals that out of the 2304 constructed flats, only 780 have been sold to date. The onset of the COVID-19 pandemic adversely impacted sales, causing some buyers to surrender their properties due to financial constraints. Consequently, the number of vacant flats surged to 1524. To stimulate real estate activity during the festive season, the government directive to slash prices aims to attract potential buyers.
The discounted rates vary according to the flat size:
- 32 square meters: Original Price – ₹12,60,000, After Discount – ₹10,50,000
- 57 square meters: Original Price – ₹24,30,000, After Discount – ₹19,16,000
- 64 square meters: Original Price – ₹29,50,000, After Discount – ₹24,25,000
- 100 square meters: Original Price – ₹40,20,000, After Discount – ₹32,16,000
- 127 square meters: Original Price – ₹46,40,000, After Discount – ₹37,12,000
One of the contributing factors to the surplus of vacant flats is the absence of a demand survey before construction. The flats, ranging in size from 32 to 127 square meters, were constructed without prior knowledge of market demand. The actual reduced prices will be determined once official government instructions are received. Despite the current uncertainty, public interest has surged, with individuals actively seeking information at the housing council office.
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