30 Aug, 2014 11:22 AM

DDA housing scheme 2014

The DDA housing scheme 2014 is eagerly waited for its launch on Sept 1st. The scheme offers cheap flats, spread across good localities and have decent build quality.

There use to be huge demand for the flats. In 2008, 5.67 lakh people applied for 5,238 flats. In 2010, 7.5 lakh people applied for 16,118 DDA flats. This time15 lakh application forms have been printed for the 25,000 flats.

DDA flats is something like a lottery. A 2 bedroom, hall, kitchen (BHK) DDA flat priced between Rs. 41 lakh to Rs. 70 lakh (depending on the area) is having a market rate between Rs. 70 lakh to Rs. 1.2 crore.

This time the DDA has for the first time introduced a five-year lock-in period for ownership of flats. It will not execute the conveyance deed with flat buyers for five years. This means that the DDA will not transfer rights to own the property for five years. So, those who are lucky enough to get a flat in the upcoming scheme will be able to live in the flat or rent it out, but will not have selling rights for five years.

The agency had earlier wanted to reserve 80 per cent of flats for Delhi residents, which would have cut down competition even further, but the proposal was later scrapped.

Here's all that you should know about DDA's upcoming scheme,

The scheme opens on September 1 and closes on October 9. The draw is likely to be held in October. Flats are to be handed over in March 2015.
The applicants should be Indian citizen, above 18 years and must not own any residential flats or plot in Delhi. One person can submit one application only.
Application fee is Rs. 1 lakh. The un allotted applications will get the refund within 90 days of the draw of lots. Many banks will announce schemes to finance the application fee.
90 per cent of flats (22,600) are one-bed room apartments located in prime areas such as Vasant Kunj, Dwarka and Rohini. Approximately, 1,700 flats would be 2 BHK and 3 BHK.
One BHK flats are priced above 14 lakh, two BHK between Rs. 41 lakh to Rs. 70 lakh, while high-end three BHK flats will start at Rs. 1.2 crore.