7 things you should know about DDA Housing Scheme 2014

Missed the last date to fill the application for DDA Housing Scheme? If yes, here is a reason to cheer. Accepting the demands for delaying the last date for the applications to the scheme, Delhi Development Authority (DDA) have extended the date till 15th October from 9th October 2014 earlier.

In May 2014, DDA  had announced the launch of its 44th and the largest ever housing scheme. With a target of launching about 27,000 flats catering to various economic segments, after numerous delays, the scheme was finally announced on 22nd August.  Going by the latest details, currently, about 25,034 flats are ready.

Who gets what?

Out of the 25,034 flats offered, most of them (22,627) are one bedroom units with a drawing room, kitchen and bathroom dominantly located in Dwarka (2,392 units), Rohini (11,509 units) and Narela (9,887 units). These units are to be offered to the LIG category in priority. Other 700 units are to be offered to EWS category.

Price Range

Announced price ranges in the scheme are Rs 14-22 lakh for one bedroom flats, Rs 41-69 lakh for two bedroom flats and Rs 69 lakh to Rs 1.2 crore for three bedroom flats. EWS flats are in the range of Rs 5.87-9.9 lakh.

New or old construction?

While about 896 units are new construction located in Mukherjee Nagar, Narela, Kalyan Vihar and Rohini, there are about 811 units that are from the old stock of 2010 scheme.

Registration Charges

To address the real need of home, the authority has looked into the reduction of registration amount, i.e Rs 1 lakh is enough instead of Rs 1.5 lakh as per the previous scheme and further EWS would require only Rs 10,000. All the applications must be submitted through 13 of the empaneled banks with selected branches by submitting Rs 150, in case the brochure is not purchased.

Few Additional Amendments

There are some additional amendments proposed in the scheme restricting investors. These include withholding the ownership of the flats for 5 years at least to avoid investors and not allowing NCR homeowners to buy into the scheme. But only the former has been approved by Lieutenant Governor Najeeb Jung and the latter was refused due to some restrictions posed by DDA Act.

Success Rate

The scheme is witnessing a great response from the people with lakhs of applications from across the country along with NRIs. Surprisingly, nearly two lakh forms were sold in just five days and most of the enlisted banks ran out of application forms on the fifth day.

Last Date

Now the applications are invited till 5:00 pm of 15th October 2014 and the draw for this scheme is planned through a third party Government agency to be started from 5th November. To assist the homebuyers with the detailed specifications and price tags, DDA has sample flats to visit before applying in to the scheme.

Thus, if you are planning to buy a DDA Flat, Hurry up before the offer ends.