Home Buyers Speak: Know Why This Consultant Is Rooting For Public Residential Projects
Rahul Sharma, 30, Consultant (Public Affairs), New Delhi
Rahul's family recently bought a new home in Delhi's Mukherjee Nagar and booked two more in Noida in the National Capital Region (NCR). Rahul bears an evident soft spot for government residential schemes and strongly recommends that prospective home owners should not miss a chance to apply for flats under such schemes. His home in New Delhi is a spacious Delhi Development Authority (DDA) flat, quite a lucky bargain for him in a metro where property prices have seen phenomenal appreciation in a decade. What's more, he didn't have to burn a hole in his pocket to be able to buy it.
Here, Rahul shares his experience of buying homes and offers tips to future home buyers and investors:
Could you please describe your new home?
Our family recently bought a property in Mukherjee Nagar and booked two more in Noida. The one we booked in Noida is in the name of my bother and the other two have joint registration in the names of my mother and myself. We have got possession of the Mukherjee Nagar home but possession of the other two are still awaited. The Mukherjee Nagar home is a 1500 sq ft, super HIG, 3BHK DDA flat on the 9th floor. The flat is superbly ventilated with each of its rooms opening into spacious balconies. Besides open spaces in and around the complex, you can get a view of Jhandewallah from our flat.
How did you get this home?
We applied for it in the 2010 scheme. In DDA scheme, you get your home after a lucky draw. Our results were declared in early 2012. We paid the money by July-August, 2012. We got possession in September-October the same year.
What made you buy a new home?
We had a house owned by my grandparents. But, we had to vacate that house when we had a property dispute. After that, we started looking for a new home. We did not want to stay on rent.
How much money did you spend on it? How did you manage it?
We paid Rs. 80 lakh for the DDA flat. It cost Rs 35 lakh and Rs 30 lakh respectively for the homes in Noida. We took loans for it.
Could you please explain to us your buying experience with the DDA and the private builders?
I would prefer DDA from a price point of view. A private builder would charge you more for the same home. Also, resale value of DDA flats is high. But, it is like a gamble. You should be lucky enough to get allotments under the DDA schemes. Also, sometimes, you may not get your preferred location. Private builder would be initially nice. But, most of them delay their projects.
Is it your dream home?
Dream home could have been a DDA flat in Vasant Kunj, which was my preferred location. But, I got it in Mukherjee Nagar. Otherwise, I am very happy.
What is your advice to new home buyers?
People should definitely apply for DDA flats. Identify the location that is convenient in every sense like access to your workplace, school etc. Make a budget. Make sure that your developer actually delivers on time. Give due diligence to ownership titles. Make sure that there is no dispute associate with your would-be home.
Buyers Home Buyers Speak Buying Home propguide