After missing many deadlines, the Delhi Development Authority (DDA) has now fixed November 17, Monday as the date for the lucky draw. The draw of lots for DDA's housing scheme 2014 will be held at DDA headquarter Vikas Sadan and will start at 11.30am. The draw will also be webcast and people can watch it live by going to this link - http://www.ddadrawlive.in/
The DDA's housing scheme is a lottery that most Delhiites warm up to. But, as is the norm with lotteries, only few win.
The DDA’s housing scheme 2014 is its biggest ever with 25,034 flats on offer, even though 95% of these are one-bedroom flats.
Prices for the flats range from Rs 6.10 lakh for a Janta flat to Rs 1.20 crore for a three-bedroom flat. Prices of two bedroom flats are in the Rs 70 lakh range, while the average price of one-bedroom flats range between Rs 14 and Rs 20 lakh.
The land development agency sold 17 lakh housing scheme forms. The number of applications was low in the first month, but eventually a record 10,08,700 applications came in after the scheme was extended.
What are your chances then if you have applied for a flat under the scheme? Rather slim.
For every flat, there are approximately 40 applicants, which gives you a 2.5% chance of landing that dream home. Though better than the 2010 housing scheme, when there were 46 applicants for a flat, you still need to be very lucky when the DDA holds its draw of lots, which itself has been delayed several times .
The DDA’s flats are not particularly known for their construction quality, space and designs, but the lure of a Delhi address triggers a mad rush every time the agency announces a scheme.
“The reason DDA flats are so popular is because there is a demand and supply mismatch of 90% in Delhi. The DDA is the only developer as no one else is allowed to build group housing projects,” said Ramesh Menon, Director at Certes Realty, a real estate consultancy firm.
“The DDA sells a two-bedroom flat at Rs 70-80 lakh, a price for which you can only get a flat in an unauthorised colony in Delhi or in distant sectors of Gurgaon or Greater Noida.”
According to Menon, DDA flats are usually shabby and most of the agency’s housing projects do not provide proper amenities, but the location and affordable pricing clinch make it a winner.
A flat that the DDA sells for Rs 50 to Rs 70 lakh would be available for Rs 1-2 crore when bought at market prices, which attracts more investors than end users.
“Those working in or near Delhi find it easier to commute from a DDA flat because of the location and also because most of these areas are well connected by public transport,” Menon said. “Also, schools and hospitals are present near these housing complexes along with other infrastructure.”
Menon, however, said since DDA had a monopoly over housing in Delhi, it should also be accountable and offer better products. “It has only made 3.5 lakh residential units since its inception, while the demand has grown manifold.”