Delhi Development Authority (DDA) announced on Friday that it will launch its biggest ever housing scheme on September 1, which will have more than 25,000 flats priced between Rs. 5.40 lakh and Rs. 1.2 crore.
The scheme will be open until October 9 and DDA will hand over the flats by March 2015. The allotment of houses, which will be decided by drawing lots, will be done by October end, said DDA vice-chairman Balvinder Kumar.
“The scheme also includes 811 flats from old schemes but we will ensure that these are livable and a depreciation cost of 1.25% annually will be deducted from their price,” he said.
While most flats are one-bedroom units, located mostly in Rohini, Narela and Dwarka, flats are also located in Jasola, Vasant Kunj, Mukherjee Nagar, Kalyan Vihar and Motia Khan. Brochures can be bought from September 1 and will also be available online. An Indian citizen, who doesn’t own property in Delhi, can apply for a flat.
However, owners will not be able to sell their flats for at least five years from the date of possession. “We will register an agreement with allottees and the conveyance deed will be executed after five years,” said Kumar.
Kumar added that application forms have been kept simple and people will have to submit fewer documents compared to 2010, the last time DDA had such an allotment.
“One applicant can submit only one form,” he said.
The authority has empanelled 13 banks that will assist applicants in submitting forms.
The prices of these flats are in the range of Rs. 14 - Rs. 22 lakh for one-bedroom flats, Rs. 41- Rs. 69 lakh for two-bedroom flats and Rs. 69 lakh to Rs1.2 crore for three-bedroom flats. There are also 700 flats for the Economically Weaker Sections at Rs. 5.40- Rs. 9.9 lakh.
DDA will also create a corpus of Rs362 crore for the maintenance of these flats for 30 years. “It will be an escrow account jointly managed by local resident welfare associations and a DDA executive engineer. Interest from the fund will be utilised for maintenance,” said Kumar.