Wednesday, November 24, 2010

DDA Housing Scheme 2010

DDA Housing Scheme Overview:
DDA has announced its mega housing scheme of 16,000 flats. The scheme will open on November 25 and will close on December 24, 2010. The flats are located all over Delhi in colonies like Vasant Kunj, Mukherjee Nagar, Motia Khan, Jasola, Dwarka, Rohini, Narela, Jaffarabad, Kondli and Gharoli besides other colonies.

The cost of these flats range from Rs 1536 to Rs 6069 per square feet. The flats located at Vasant Kunj, which have been built according to higher specifications, will attract a higher price. This time DDA is going to take lumpsum maintenance charges for exteriors and common portions.

As in most DDA schemes, there is a mix of onebedroom, two-bedroom and three-bedroom houses, expandable units and Janta one-room houses. Though, it is for the first time that the one-room tenements located in Narela, Trilokpuri and Shivaji Enclave have been included in the scheme.

Who can apply for DDA Housing Scheme:
Any Indian citizen who has attained the age of 18 years can apply for the flat provided he or she does not own any residential flat or plot in full or in part, on leasehold or freehold basis, in the capital either in his or her own name or in the name of his/her wife/husband or in the name of minor or dependent children.

Both husband and wife can apply but only one will be allotted a flat in case both are successful in the draw. One person can submit only one application form. There is no income criteria. The applicant can apply only if he has a valid pan card and a bank account.

The reservations for scheduled castes will be 17%, scheduled tribes 7.5%, one per cent for war widows, one per cent for the physically handicapped and one per cent for ex-Servicemen.

How can one apply for DDA Housing Scheme:
The applicant will have to deposit a registration fee of Rs 1.5 lakh. But for the Janta one-room tenement category, the amount is Rs 50,000. The cost of the form is Rs 105 and it will be available at various designated branches of the banks. The form details which have been provided in the brochure will be uploaded on the website of DDA on November 25.

For the first time, it has been made mandatory that the entire allotment money should be from the bank account of the allottee and a certificate to this effect will have to be submitted at the time of possession. This will also be sent to the income-tax department by DDA.

Registration form can be downloaded online from here!

When will DDA declare the results of the DDA Housing Scheme:
The draw will be held within a period of four months from the last date of closure of the scheme and, therefore, no interest will be paid for this period. Money will be refunded to unsuccessful applicants at the earliest, and in case the money is not refunded within four months time from the closure of the scheme, simple interest at the rate of 5% per annum will be paid. The refund will be paid through the banks only.

Recommendation:
Housing schemes from DDA are very popular and draw huge interest from all sections of the society. These schemes are much awaited by one and all. This scheme is also expected to draw lot of registrations, so the chance of getting a flat alloted is very low. However, we would recommend investors to participate in the lucky draw as the flat once alloted will attract an immediate premium even before the possession of the flat. One can look at bank finance of the registration amount if one doesn't want to block registration money for 4-6 months.

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