BHOPAL: At a time when the real estate sector in Bhopal was struggling, the Bhopal Development Authority (BDA) has sold properties worth Rs 100 crore in last 20 days across the city, thanks to the Diwali euphoria.
BDA chief executive officer (CEO) Neeraj Vashishtha said that over 200 plots, 100 flats and duplex have already been sold at Saket Nagar near AIIMS. Besides, registration of 136 residential properties has been done, he said. “This will revive the real estate market benefiting even the private builders,” said Vashishtha, adding, BDA properties will be available for sale from first to 20th of every month.
“The BDA witnessed an overwhelming response in last 20 days, which can be attributed to people’s trust in the development authority,” its spokesperson Vibha Sharma said. The Phase II of BDA’s Sardar Vallabhbhai Patel Scheme in Misrod received the biggest response. Residential properties at Aero City and Vedvati Scheme near St Xavier’s School in BHEL have also been sold out. On the other hand, private builders are still waiting for a surge in the market. “Only a few ready-to-move properties have been sold out so far,” said Manoj Meek, state spokesperson of Confederation of Real Estate Developers Association of India (CREDAI). Before the festive season started, private builders in Bhopal had with them more than 12,000 unsold properties including 3,500 ready-to-move houses. The number of unsold properties in Bhopal is huge with their worth amounting to crores of rupees, Meek said. On BDA’s success, Meek said, “Apart from the trust factor, the prime locations of BDA properties also make the difference.”
The boom in Bhopal’s real estate market started in 2003-04 onwards with people investing mainly in Hoshangabad Road area in south Bhopal. Gradually, the city limits expanded towards Mandideep stretching up to Obedullaganj. The market in Hoshangabad Road area hit saturation point with prices going out of people’s reach. The city then started expanding towards the Airport Road, due to its proximity to airport and then towards BHEL region, beyond which Awadhpuri and other localities were developed. However, city’s real estate sector has not witnessed any upward trend since last three years.
Credits ET Realty