Bhubaneswar: The Bhubaneswar Development Authority (BDA) is likely to extend deadline for receiving applications for its ambitious Ekamra Residency housing project in Subudhipur after receiving a poor response from prospective buyers.The BDA opened online application for the project on Sept 18. Barely a few days before the Oct 31 deadline for submission of applications, the authority has received only around 200 applications against 496 flats on offer in the first phase, sources said.The response comes as a surprise to BDA, which had positioned Ekamra Residency as its flagship residential project comprising modern amenities such as a rooftop swimming pool, gymnasium, community centre and high-rise apartment towers.Officials familiar with the development attributed the lukewarm response primarily to the project’s pricing. “Applications are still coming in and several enquiries are being received every day, but the response is lower than expected,” a senior BDA official said.He said that the authority is examining the situation and a decision on extending the application period may be taken shortly. Sources said the extension is being considered to provide more time for prospective buyers to arrange finances and complete formalities.Real estate observers believe pricing has become a major deterrent. The project offers 2BHK apartments priced between Rs 78.36 lakh and Rs 79.95 lakh, while 2BHK-plus-study units cost up to Rs 96.82 lakh, excluding additional charges.The BDA initially asked Rs 10,000 as an application fee, which was non-refundable. After a TOI report highlighted the burden of the non-refundable application fee, the BDA decided to adjust the fees in the final cost. However, the move has brought little improvement.“The flat prices themselves are high for a govt housing project. When you add the initial payment, registration expenses and home loan commitments, the total financial burden becomes substantial,” said Sangram Nayak, a city-based real estate consultant.Several prospective buyers echoed similar concerns. “I was interested because it is a govt project and the location is good. But after calculating the EMI, I realised that the monthly repayment would consume a large portion of my salary,” said Deepak Mohanty, a private-sector employee.A state govt employee, Satyabrata Jena, who had initially planned to apply, said the project no longer appears to cater to the traditional homebuyer. “Earlier BDA schemes were aimed at middle-income families,” said Jena.He said today the entry-level flat itself costs nearly Rs 80 lakh. “After adding registration charges and other expenses, the cost comes very close to Rs 1 crore. Many govt employees will struggle to afford it,” he said.Sources in the real estate sector pointed out that despite being a govt-developed housing project, Ekamra Residency is competing with premium private residential developments in terms of pricing.“The amenities are attractive, but most buyers first look at affordability. The target audience appears to be upper-middle-income households with strong repayment capacity. BDA needs to reconsider the flat price,” Nayak said.
About The Author
