GDA flats in 10 towers get only 17 applicants

In what may be termed a blow to the realty sector, the Ghaziabad Development Authority's (GDA) flats in 10 towers in a prime area have managed to get barely 17 applicants, official sources said on Wednesday.

GDA sources said the authority plans to build 10 residential towers in the newly-developed Madhuban Bapudham residential locality.

The northern peripheral expressway and the Meerut expressway will be at two ends of the proposed site.

In view of its location, the GDA launched a big scheme where 300 Uttar Pradesh assembly members had obtained plots during a draw conducted in Lucknow.

The sources said there were 1,200 high-income group flats in the range of Rs.49-69 lakh, which was "quite reasonable". However, not many have come forward to buy the flats.

"It is because of the overall recession in the realty market. We started to launch it on first-come-first-served basis. That initiative also did not attract applicants," said GDA vice chairman Vijay Kumar Yadav.