UP Housing Board Achieves Rs 1,000 Crore Revenue Milestone with Unsold Flats Initiative
In a significant boost to the state's real estate sector, the Uttar Pradesh Awas Vikas Parishad (UPAVP) has successfully generated revenue of Rs 1,000 crore through its innovative first-come-first-served scheme. This initiative, which was launched on October 31 last year, specifically targets the disposal of older housing units that had remained unsold due to various market challenges.
Strategic Approach to Clearing Inventory
The housing authority undertook a meticulous process to identify and list all unsold properties across Uttar Pradesh. A comprehensive inventory was prepared, detailing each flat's specifications, including precise coordinates, high-quality photographs, and complete addresses. All this information was made accessible to potential buyers through a centralised online portal managed by the department, ensuring transparency and ease of access.
Housing Commissioner Balkar Singh provided an update on the scheme's progress, revealing that 2,141 flats have been booked by individual buyers to date. He emphasized that the scheme will remain operational until March 31, allowing more citizens to benefit from this opportunity.
Attractive Incentives to Drive Sales
To make the scheme more appealing and accelerate sales, the board has introduced several financial incentives:
- 15% discount for buyers who complete the entire payment within 60 days of booking a unit.
- 10% rebate for those who make the payment within 90 days.
These discounts are designed to encourage prompt payments and facilitate quicker turnover of the unsold inventory. The scheme's success highlights the effective strategy of the UP Housing Board in addressing long-standing real estate challenges while generating substantial revenue for the state.
