Ghaziabad development body considers slashing rates as properties fails to attract buyers
The Ghaziabad Development Authority (GDA) is considering waiving or reducing supervisory and administrative charges on properties that it offers for sale. The agency has been forced to think of sweeteners because GDA properties have failed to attract buyers for some time now.
“A committee was formed under the GDA secretary to find the reasons why our properties were not finding buyers in auctions,” said Kanchan Verma, vice-chairperson, GDA.
It was found that in comparison with private developers, GDA levies supervisory and administrative charges that together amounts to 30% of the total cost of property. “For the sake of attracting buyers, we’ll either forgo supervisory and administrative charges completely or will slash it because, on both heads, GDA charges 15% of total cost of property,” said Verma.