JDA launches its most expensive scheme housing scheme

As the real estate market struggles to get out of recession, Jaipur Development Authority (JDA) has come up with a new residential scheme Swarn Vihar’ near Muhana terminal. Spread over an area of 52.64 hectares, the scheme to be formally announced on Friday is expected to come up with the highest reserve price demanded by the development authority. The JDA has decided a reserve price of Rs 6,200 per sq mt for the new scheme; the low income group applicants will be provided a relaxation while those in the upper income group will have to pay additional percentage over the reserved price. As JDA raises the real estate price band, land in the city too expected to become a more expensive commodity, JDA officials expectedly defend the costing. “This residential scheme is closer to the urbanised areas of Mansarovar and is better connected to the rest of the city as compared to the previously announced projects. Then there will also be relaxation in prices for the weaker sections,” said Hridesh Kumar, deputy commissioner Zone 8. The JDA expects to raise nearly Rs 70 crore from the new residential scheme which will have projects developed over 40,650 sq mt for the economically weaker and low income group housing. There will also be 317 residential plots and 1,461 sq mt of commercial space in addition four major parks of more than 15,000 sq mt. The JDA has been averting new residential schemes as the real estate market underwent recession and it has been nearly 18 months since the authority came up with the residential schemes of Anupam Vihar on Ajmer road and Abinav Vihar on national highway near Chokhi Dhani. The reserved allotment prices of Rs 3,500 per mt for Abhinav Vihar and Rs 3,800 per mt for Anupam Vihar were estimated to be high by the market experts. However, for both the schemes the authority sold more than 10 times of the application forms. Despite the slump in the market the schemes were oversubscribed. Successful applicants in the last two JDA schemes registered slow progress on their investments, yet the new JDA scheme is expected to attract investors. Source:http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=7810&cat_id=1 Filed under: Builders/ Developers , New projects Tagged: Housing Scheme , Jaipur Development Authority (JDA)