If you did not land a flat in the Delhi Development Authority’s (DDA) housing scheme 2014, there is still some good news for you. At least you will get your money back sooner than expected.
DDA has decided that unsuccessful applicants, who didn’t get a flat in the draw of lots for the scheme, will be refunded the registration amount of Rs. 1 lakh within one month, instead of three months.
The refund of the registration money usually takes up to three months and in the DDA housing scheme’s brochure, the land development agency had clarified that it would not pay any interest to applicants on the registration money for up to three months. The registration amount is Rs. 1 lakh, except for those applying under the Economically Weaker Sections (EWS) category, for which the registration amount is Rs. 10,000.
The period of one month will be counted from the date of the draw of lots, which is November 25. This means that applicants will get their money back by the end of December, instead of end of February.
In case of those who have paid the registration amount from their account, the money would be automatically transferred back to their account by the bank. Also, those who have taken the amount on loan from banks might have to pay lesser interest as the money would be transferred to the bank directly within a month.
DDA has amassed around Rs. 10,000 crore just from the registration amount deposited by the 10,08,985 applicants. The money is deposited in a fixed deposit account by DDA, from which it earns interest. This amount is used for DDA’s housing and other projects.
Senior DDA officials said that it was the DDA Vice Chairman Balvinder Kumar’s initiative to change the norm and shorten the period of refund. “Earlier the decision was to refund the money within three months as is always done but the vice chairman said that people should not have to unnecessarily keep their money deposited and lose interest. That is why, we are trying to return registration amount to all unsuccessful applicants within a month,” the official said.
According to the housing scheme’s brochure, DDA is supposed to pay a simple interest at the rate of 8% per annum to unsuccessful applicants if the amount is refunded after a period of three months.