KOCHI: The Greater Cochin Development Authority (GCDA) has started leasing out its high rises to private parties after failing to find buyers. Six apartments on Karshaka Road have already been leased out to a private person. The authority is planning to lease out another 25 studio apartments in Kakkanad.
“The price of each individual apartment is Rs 75 lakh. Though, we had floated tenders two or three times inviting interested buyers for apartments on Karshaka Road, nobody turned up. Earlier, we had fixed a monthly rental of each apartment at Rs 7,500. But each apartment on Karshaka Road was leased for Rs 19,500. We receive Rs 1 lakh every month from the private party,” said a GCDA official.
The GCDA’s apartment complex in Kakkanad is situated on 25 cents. The authority has fixed a minimum rental of Rs 4,000 for each studio apartment. “People are hesitant to buy apartments directly from a government agency, owing to difficulties involved in the process. Apart from the cost of the building, buyers will have to pay service charge, registration fees and also furnish details of income tax. These requirements make our property less attractive. If they buy apartments from a private party, the latter will provide all the required documentation,” said the official.