DDA Housing Scheme 2016: A Boon for Real Estate Investors

There is good news for all those demoralized souls who missed the last housing scheme launched by the Delhi Development Authority (DDA) – the DDA is planning to introduce another housing scheme by the end of this year. This new DDA housing scheme will offer about 40,000 flats by the end of next year. Out of these 40,000 flats, to be completed by December this year, 24,660 flats will fall in the LIG category.

Investment opportunities galore in Delhi

In a nutshell, the DDA Housing Scheme 2016 will provide flats in Dwarka, Narela, Rohini, Sheikh Sarai, Kalkaji and other sub city areas of Delhi. So, if you have been thinking of investing in upcoming flats for sale in Delhi, this new scheme brings you the perfect opportunity to do so. 

DDA Vice Chairman Mr Balvinder Kumar recently announced in a press conference that the flats in Delhi under this scheme are currently being constructed. The construction work is expected to be completed by December this year, he said. Also, the housing scheme will be launched to individuals by December 2016. He also informed that half of the flats constructed are under EWS category, i.e. for the economically weaker sections of society, and the rest falls under the one, two and three BHK flat layout. The 2016 housing scheme is an improvement over the 2014 housing scheme where majority flats were one BHK type.

Relief for Delhi builders

By launching the scheme in the current year, the DDA is likely to expect a whooping surge in the real estate sector in Delhi. The policy also states that the land will have to be surrendered by the builders to the DDA on the precept that DDA will initiate infrastructure on such lands and then 40% to 60% of such land will be returned to them. That's the relief given to the builders in Delhi. This policy has received by the approval but is waiting for the launch.

Eco-friendly buildings

The DDA's planning authorities also informed that the buildings under construction would be erected strictly under the 'green building plan'. This means the construction work is being done keeping in mind the safety measures for the environment. The 'green building plan' mainly focuses on harvesting and recycling of water, solar system panels for conservation of solar energy and other eco-friendly features that Delhi needs.

Steady rise in prices predicted

The prices of flats in the DDA's 2016 housing scheme plan are expected to rise by 15 to 20% than those offered in 2014. However, they still are much lower than the current housing market rates in India.

Banks warned not to forfeit public funds

Acting on the complaint that certain banks are not refunding the registration money in respect of unsuccessful candidates, the DDA informed that the matter has been taken into consideration by the finance department. They have issued notices to banks to return the money through a spot demand draft. Moreover, the finance department is likely to hold meetings with the mangers and officers of banks and direct them strictly on the matter. The DDA has further specified that they will withdraw all the benefits provided to the banks in question if they continue to hold the money of candidates who are not provided flats under the DDA housing scheme 2016. These banks will not be benefited from future schemes too, which would turn into a great monetary loss for them if they continue to illegally forfeit the money of public.