Delhi Development Authority Seeks External Expertise to Address Unsold Inventory
In an unprecedented move, the Delhi Development Authority (DDA) has collaborated with a real estate consultant to revamp its sales strategy, particularly in relation to its stock of approximately 40,000 unsold flats. This marks the first time the DDA has sought external assistance to boost its sales approach. The chosen consultant, Anarock, secured the role through a competitive bidding process. The primary objective is to conduct a comprehensive study report encompassing various aspects, including demand and supply dynamics for the flats.
Expected to be completed within the next six weeks, the study report will delve into detailed analysis of migration patterns, a thorough comparison between the DDA’s residential offerings and those available in nearby National Capital Region (NCR) cities, as well as identifying potential barriers affecting sales. The consultant’s key task is to propose actionable measures to improve sales figures. These could include pricing adjustments and enhancements to communal amenities within gated communities. The concept of dynamic pricing, linked to the desirability of specific locations, is also under consideration.
The findings from the study will play a crucial role in shaping the upcoming housing scheme for 2023. The scheme’s original launch date in May was postponed due to pending approval in an authority meeting. Notably, the DDA has already initiated the allocation process for 5,500 previously unsold units under its Phase IV housing scheme since July 10, to avoid market confusion.
Allocation of these units will be determined through a computerized lottery draw, with final pricing subject to official approval. To enhance the appeal of these offerings, the DDA has implemented a range of corrective measures, including transport infrastructure improvements, the creation of Urban Extension Road-II, and incentives for potential buyers.
By tapping into external expertise and embracing innovative strategies, the DDA aims to reinvigorate its flat sales and address the challenge of unsold inventory.
Also read: DDA Plans to Launch Housing Scheme for 23,000 Flats in June