Rajasthan is probably the state that has been hit worst due to the down market of the real estate sector in India. This is why the real estate regulatory authority Rajasthan Housing Board (RHB) has planned to exercise a humongous rate of up to 40% discount on all the empty apartments in specific circles. This huge step was taken by the authority to ensure that all the unsold apartments are occupied. The huge discount ranging from 30% to 40% will be amended for the 11,349 unsold properties in the specific regions such as Jaipur Circle II & III, Jodhpur I & II, Kota, Udaipur, Alwar, and Bikaner.

Old and new Locations in Rajasthan hit hard

Kota seems to be the most affected by the demonetization and GST amendments. This city has 2156 apartments left unsold. The next location that is hit hard due to various economic issues is Jodhpur I. All these new upcoming locations in the state were quite promising for the last few years. When the market was hit by demonetization, GST and RERA, the problem started to appear. Moreover, people seem to be less interested in buying real estate assets right now. They are currently depending on their disposable income.

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An official stated that the huge gap occurring in the market price of the land price and RHB rates was the main cause. The price of the assets automatically rose to an unaffordable height. The official said in a press meet that the board is reconsidering RHB prices to meet the market rate so that the gap can be reduced to a minimum. As a result, the increased prices will be considerably reduced by 30% to 40%. The maximum rate of reduction in prices will be witnessed in the major locations which have the highest unsold houses left. It means that as per the list of unsold houses, Kota and Jodhpur I will enjoy the highest rate. Bikaner and Udaipur are also in the line.

This entire decision was taken by Shanti Dhariwal, Urban Housing and Development Minister so that the buyers start showing interest in the RHB houses. It means that the price of these unsold houses will reduce by INR 8 Lakh to 10 Lakh.

Past activities of RHB

Back in 2017, RHB shortlisted different properties in Jaipur and Pratap Nagar for selling them right over the counter. The lucky draws and lottery system made the buyers wait for months regarding the results to publish. In fact, several other attempts made by the board also went in vain. Despite offering houses that can be possessed in a single day, very few people turned up for the offer.

After considering all the factors, the board found the disparity and decided to let all the unsold units go at an immensely discounted rate. Most of the critics believe that the RHB land rates need to be revised as the prices were increased previously by up to 45%. This is why the price of the properties also escalated by 40%. With the amendment of this new decision, RHB will be able to get rid of the unsold assets right away.