BDA flats in Bangalore: A brief look
Bangalore, preferably voiced as ‘Bengaluru’, has witnessed a radical shift in the type of apartments/houses that are made available for the citizens. Given its cosmopolitan tag, realty in Bangalore has climbed several notches up. Albeit, buyers typically go for an independent house, the persisting space crunch has compelled the investors to look for better options.
The Bangalore Development Authority (BDA), which is at the helm of site allotment and in sync with the real estate trend in the city, adapted vertical growth as its forwarding step. In a move to provide housing for the middle class and poor, the authority laid the foundation of 30000 affordable units in the city, making flats available for everyone.
Present state
So far, the BDA has given shape to nearly 6000 units in various corners of the IT city, namely-Gunjur, Nandini Layout, Malagala,Alur,Valagerahalli,Halagevaderahalli, Thippasandra, Kothanur and Doddabanahalli.
As per records, nearly 3850 flats have been allotted by the BDA. Going by the state budget 2014, approximately 8000 flats have been promised by the BDA in the year. 1BHK, 2BHK and 3BHK flats offered by the BDA are priced at Rs 10 lakh, Rs 18 lakh, and Rs 27 lakh on an average.
For those willing to be the proud owner of a BDA flat, the income limit of such a candidate must be below Rs 1 lakh per annum and must above 21 years of age. Furthermore, the applicant needs to be citizen of Karnataka for not less than 10 years.
Paying procedure
Once the BDA allots flats to the respective individuals, the allottees need to ante up in a prescribed manner, as mentioned below:
25% of the housing unit value of the apartment, within 60 days of getting the allotment letter
25% of the housing unit value of the apartment, within 120 days of getting the allotment letter
The rest 50% value of the apartment together with BESCOM and BWSSB deposits within 180 days of getting the allotment letter.
Resale and exchange of BDA flats-points to confer
Although BDA expects that the allottees will retain the apartments and will not sell it, till now no certain condition have been imposed in regard to resale of the apartments. Allottees can only resell the flats, once they get hold of the Sale Deed. Even those, categorized under the EWS category, are not restricted with any rule for resale.
After its first allotment, the BDA quoted that those allottees who want to exchange their flats, will have to follow a certain decree. Flats that belong to the same size and category, can be exchanged mutually, after a joint application is made by both parties. The Karnataka Apartment Owners Association Act of 1972 will be applicable to the owners association for all such BDA flats.
