DDA housing scheme lures

After 2 long years Delhi development authority has launched its very own housing scheme from 25 November 2010 to 24 December 2010 giving out approximately 16000 flats in Delhi. DDA allotted about 5000 flats in the year 2008 with maximum price of 77 lakhs, this year the number of flats has gone up to 16000 with the highest price of 1.12 crores.

Some of the houses are furnished and ready to move in as soon as one gets the possession letter.  These flats available are with 1-3 bedrooms and expendable categories and located in Vasant Kunj, Motia Khan, Mukherjee Nagar, Jasola, Dwarka, Rohini, Narela etc. Prices of these flats range from as low as 3 lakhs to as high as 1.12 crores. The cost of these new flats includes maintenance charges of the exteriors and the common areas. About 2700 flats are located in Vasant Kunj priced between 34 lakhs to 1.12 crores.

In June this year the Noida Authority had also come up with a similar scheme of allotting 371 duplex houses ranging from 80.53 lakhs to 1.11 crores.

Although there are no income criteria and the payment has to be made from the allottee’s account with a bank statement to be submitted at the time of possession, many experts believe that this is certainly not a mass housing scheme as the prices are comparable to real estate market with nominal discounts of 20-30% to that of market prices.

According to real estate experts, DDA is trying to reduce spectacular interest; hence the investor’s interest will be less without much difference in prices. The consumers this time will be those who can afford such prices. There is surety of large end-user demand as more professionals are ready for all-white deals. This scheme offers a very good real estate option for the masses and classes because of its “ready to move” in feature and a residence in Delhi as an added attraction.