DDA housing scheme 2017: Last date may be extended by 15 days, few takers so far
With the number of applicants less than the number of flats so far, the DDA is planning to extend the scheme and rope in four banks to offer loan against registration money.
With just 5,000 applications received till last week for around 12,000 flats up for sale, the Delhi Development Authority is likely to extend the last date for the scheme by 15 days.
Presently, the last date for submitting the applications to be eligible for draw of lots is August 11.
DDA had launched the scheme on June 30 with 12,069 flats under which 87 are high-income group (HIG) flats, 404 are two-room middle income group (MIG) flats. The rest 11,197 are one-bedroom lower income group flats (LIG) flats and 384 janta flats.
A senior DDA official said, “An approval for the extension will be sought from Delhi Lieutenant Governor Anil Baijal, who is also the chairman of DDA. The DDA shall demand extension by two weeks.”
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To encourage prospective buyers, DDA is also in talks with four banks that are likely to come up with loan offers against registration money.
“Central Bank of India, IDBI, Axis Bank and ICICI Banks are likely to come up with loan offers to encourage more people to invest in the scheme,” he said.
For the LIG (lower income group) category, the registration fee is Rs 1,00,000 while for the middle income group and high income group flats, Rs 2,00,000 will be charged.
Sources in DDA said that while Central Bank will offer loan of Rs 2,00,000 for around Rs 8,000 and Rs 1,00,000 for around Rs 4,000.
However, the loan will only be for people who had accounts with the bank before the announcement of scheme, he said. Other banks are yet to decide the modalities of the loan, he said.
Earlier, most banks that had tie up with DDA for the housing scheme had refused to offer loans due to the forfeiture clause.
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If a prospective buyer surrenders his application before the draw date, no money will be deducted from his or her registration fee. If a buyer does so after the draw but before the issue of a demand letter, 25 per cent of the registration fee will be forfeited.
The forfeiture cause states that if the flat is surrendered within 90 days of the issue of the demand letter, 50 per cent of the fee will be cut. Beyond that time, the entire registration fee will be forfeited.
Banks were apprehensive that if they give loans to buyers who decide to surrender the money, they may not be able to recover the amount. But, now they are thinking of offering loans to customers who have a good track record with the bank.
In 2014, applicants got loans from banks for the registration money on a one-time payment of Rs 5,000.
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The authority had received 7.5 lakh applications for its scheme launched in September 2014. It had printed 20 lakh forms and about 17 lakh were sold. On the day of the launch, about 30,000 forms were bought and the number crossed the two lakh mark within five days.
This year, however, he scheme has received only 5,000 applications till last week under different categories of flats out of 55,000 forms that were sold.