The Rajasthan Housing Board [RHB] is likely to launch luxury apartments for the Higher Income Group [HIG] soon and these residential units will be constructed under the PPP [Private Public Partnership] model. The RHB is making a second attempt to make this project working.
According to the sources, some senior officials had a meeting with reputed builders in the city and discuss the project that will be proposed for development on Aravali Path in Mansarovar area. One of the officials said that in the meeting, the developers were asked to submit a proposal. This luxury housing project will be developed on approximate two hectares of land. According to the proposal, the developer will have to repay the land cost in four installments.
Some officials feel that in order to offer quality assurance, the housing board has no choice but to partner with a private developer. This is important to consider, as the Government agency has a not so good reputation due to the poor construction quality of the earlier projects.
Although, the housing board is facing criticism for benefitting the private developers and it is being said that the agency will bear loss for the same decision.
The sources said that the land rate will be estimated according to the reserve price of the Rajasthan Housing Board. The developer has to pay a higher value of the same land if bought on the market price. Also, the developer has to pay the land cost in four installments after the sale of luxurious apartments. The sources also informed that the land will be offered only after inviting the bid.
One of the officials said that the developer offering a maximum share to the Rajasthan Housing Board will be rewarded with construction work. A proposal will be tabled in the meeting that will be chaired by Shanti Dhariwal, Urban Development and Housing (UDH) minister Rajasthan Government.
In 2014, the Rajasthan Housing Board planned to develop 4BHK apartment in the Pratap Nagar locality but the project was shelved as the homebuyers didn’t show interest in the same. The application forms for this luxury scheme were invited in March 2014 and only 23 applications were received against 200 proposed flats.
The project didn’t work and the housing board refunded all the money, an official said.