Question regarding DDA Housing scheme 2008

DCEite · 8th August 2008, 11:46

As some of the NCR members may be knowing, DDA has come up with its latest housing shceme 2008 recently.
I am also planning to apply for the same, although, its nothing short of a lottery. But i would like to try my luck neverthe less, as its a good investment oppurtunity. The flats are approx 50% less than the market price.

I want to finance the registration fees of 1.5 Lacs. Any ideas on where and how to go about the same? I heard Central bank is financing for the same, just we have to pay the extra interest of 6.5 k ?

Any inputs, comments welcome.

Zappo · 8th August 2008, 12:00

You can bet this one is going to be a huge lottery. Trucks full of people sitting here in Hyderabad and Bangalore are applying for it. They are even egging me on to do the same. It will be one biiig rush!

Finance. Ummm... don't know. Is it a personal loan? I do not think application money can be financed as home loan. But then again, I am not entirely sure.

So which place are you planning to apply for?

DCEite · 8th August 2008, 12:32

Oye.. kuch to raham karo dilli walon par! Applications from Bangalore and Hyd also? Grrrrr

BTW, i am looking at 1-2 bedroom flats in Vasant Kunj and Dwarka.

lurker · 8th August 2008, 12:34

Quote:

Originally Posted by DCEite

Oye.. kuch to raham karo dilli walon par! Applications from Bangalore and Hyd also? Grrrrr

BTW, i am looking at 1-2 bedroom flats in Vasant Kunj and Dwarka.

6 flats in Dwarka .. it's not even a lottery.

DCEite · 8th August 2008, 12:47

Quote:

Originally Posted by lurker

6 flats in Dwarka .. it's not even a lottery.

Its certainly more than that. See this: (2nd column is no of flats, 3rd area, and 4th price)

Zappo · 8th August 2008, 12:55

From the looks of it, DDA has got a lot of accumulated leftover flats in their various schemes all across Delhi on a ikka-dukka basis which they are putting together in one place and putting up for sale.

A few all new schemes are also clubbed into these. One such option looks to be in Rohini. But then the funny part is no one is really sure of the Sector 28. We even tried to locate it through Google satellite pics. However no markings for Sector 28 could be found there either. Ultimately we decided it must be somewhere even further than the currently known Rohini, in the boondocks, which DDA is now developing and numbering as Sector 28.

DCEite · 8th August 2008, 13:01

Yes, but then why would an investor worry about that? Rohini/Narela is still Delhi, and market prices will be atleast 40% more.

Zappo · 8th August 2008, 13:12

Problem is that these house are lying vacant and in shambles sometimes for years. They are now all of a sudden being clubbed together and put on sale. The valuation later may be a bit of a problem unless you check it yourself before you book.

Take Rohini flats on sale, for example. In Feb 2004 (yes, that long back) DDA started building it with the idea to provide low cost housing to the EWS of the society as per their own proclamation. It was also known that there were already lot many flats in Rohini lying vacant as the allottees were not interested in occupying these because of DDA policies (like no water connection unless the locality has a citizen mass beyond a threshold). They promised that they will take care of these while building up the sector 28 project and handing them over in 2005 begining.

Obviously something went wrong and people did not show enough interest or whatever... But now these are coming up in the market for sale. Also, I wonder what changes they would have made in such a delayed project now to have made those flats which they originally targetted at the EWS (at that time they said most properties will be sold for less than 1 lakhs!) to cost so much more. Its all looking very dicey to me.

Yes, the few at places like Vasant Kunj and all, marked as either HIG or MIG, will most probably be ok. But others like the ones in Rohini where it does not even mention whether these are LIG, MIG or HIG are really dicey propositions IMO. As the law says, Caveat Emptor.

tsk1979 · 8th August 2008, 13:28

When I moved to Noida, my cousin suggested to take up a DDA flat on rent in south delhi instead of staying in Noida, as he is old school and believes its better to stay in Delhi.
Looked at 2-3 flats for 11-12K Per month rent.
After that I had decided, that we will move back to Bangalore.
Luckily we found good cheap acco in Noida in good areas.

That said I have not seen flats that horrendous ever.

panky12345 · 14th August 2008, 10:30

I've heard that forms are available online, any links?

DCEite · 14th August 2008, 10:35

its available in dda.org.in

panky12345 · 14th August 2008, 15:17

that one page thingy only? i thought it'd be like 40 -50 pgs ka brochure!

anonymous · 15th September 2008, 16:21

So finally how many bhpians have applied for this lottery?

sam003 · 24th November 2008, 10:42

Guys if any one of you applied for this scheme kindly check status of your application @ Delhi Development Authority to see whether DDA actually received your application for lucky draw or not.

anonymous · 16th December 2008, 14:52

So finally the day has come. The draw is being held as I write here and hopefully will be updated on their website by 3 PM today. Lets see.

8th August 2008, 11:46	#1
DCEite Senior - BHPian Join Date: Sep 2004 Location: NCR Posts: 3,417 Thanked: 2,552 Times	Question regarding DDA Housing scheme 2008 As some of the NCR members may be knowing, DDA has come up with its latest housing shceme 2008 recently. I am also planning to apply for the same, although, its nothing short of a lottery. But i would like to try my luck neverthe less, as its a good investment oppurtunity. The flats are approx 50% less than the market price. I want to finance the registration fees of 1.5 Lacs. Any ideas on where and how to go about the same? I heard Central bank is financing for the same, just we have to pay the extra interest of 6.5 k ? Any inputs, comments welcome.
	() Thanks

8th August 2008, 12:00	#2
Zappo Team-BHP Support Join Date: Oct 2005 Location: Hyderabad Posts: 5,922 Thanked: 2,699 Times	You can bet this one is going to be a huge lottery. Trucks full of people sitting here in Hyderabad and Bangalore are applying for it. They are even egging me on to do the same. It will be one biiig rush! Finance. Ummm... don't know. Is it a personal loan? I do not think application money can be financed as home loan. But then again, I am not entirely sure. So which place are you planning to apply for?
	() Thanks

8th August 2008, 12:32	#3
DCEite Senior - BHPian Join Date: Sep 2004 Location: NCR Posts: 3,417 Thanked: 2,552 Times	Oye.. kuch to raham karo dilli walon par! Applications from Bangalore and Hyd also? Grrrrr BTW, i am looking at 1-2 bedroom flats in Vasant Kunj and Dwarka.
	() Thanks

8th August 2008, 12:55	#6
Zappo Team-BHP Support Join Date: Oct 2005 Location: Hyderabad Posts: 5,922 Thanked: 2,699 Times	From the looks of it, DDA has got a lot of accumulated leftover flats in their various schemes all across Delhi on a ikka-dukka basis which they are putting together in one place and putting up for sale. A few all new schemes are also clubbed into these. One such option looks to be in Rohini. But then the funny part is no one is really sure of the Sector 28. We even tried to locate it through Google satellite pics. However no markings for Sector 28 could be found there either. Ultimately we decided it must be somewhere even further than the currently known Rohini, in the boondocks, which DDA is now developing and numbering as Sector 28.
	() Thanks

8th August 2008, 13:01	#7
DCEite Senior - BHPian Join Date: Sep 2004 Location: NCR Posts: 3,417 Thanked: 2,552 Times	Yes, but then why would an investor worry about that? Rohini/Narela is still Delhi, and market prices will be atleast 40% more.
	() Thanks

8th August 2008, 13:12	#8
Zappo Team-BHP Support Join Date: Oct 2005 Location: Hyderabad Posts: 5,922 Thanked: 2,699 Times	Problem is that these house are lying vacant and in shambles sometimes for years. They are now all of a sudden being clubbed together and put on sale. The valuation later may be a bit of a problem unless you check it yourself before you book. Take Rohini flats on sale, for example. In Feb 2004 (yes, that long back) DDA started building it with the idea to provide low cost housing to the EWS of the society as per their own proclamation. It was also known that there were already lot many flats in Rohini lying vacant as the allottees were not interested in occupying these because of DDA policies (like no water connection unless the locality has a citizen mass beyond a threshold). They promised that they will take care of these while building up the sector 28 project and handing them over in 2005 begining. Obviously something went wrong and people did not show enough interest or whatever... But now these are coming up in the market for sale. Also, I wonder what changes they would have made in such a delayed project now to have made those flats which they originally targetted at the EWS (at that time they said most properties will be sold for less than 1 lakhs!) to cost so much more. Its all looking very dicey to me. Yes, the few at places like Vasant Kunj and all, marked as either HIG or MIG, will most probably be ok. But others like the ones in Rohini where it does not even mention whether these are LIG, MIG or HIG are really dicey propositions IMO. As the law says, Caveat Emptor. Last edited by Zappo : 8th August 2008 at 13:15.
	() Thanks

8th August 2008, 13:28	#9
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: San Jose, CA Posts: 23,717 Thanked: 22,825 Times View My Garage	When I moved to Noida, my cousin suggested to take up a DDA flat on rent in south delhi instead of staying in Noida, as he is old school and believes its better to stay in Delhi. Looked at 2-3 flats for 11-12K Per month rent. After that I had decided, that we will move back to Bangalore. Luckily we found good cheap acco in Noida in good areas. That said I have not seen flats that horrendous ever.
	() Thanks

14th August 2008, 10:30	#10
panky12345 Senior - BHPian Join Date: Mar 2006 Location: New Delhi Posts: 2,697 Thanked: 171 Times	I've heard that forms are available online, any links?
	() Thanks

14th August 2008, 10:35	#11
DCEite Senior - BHPian Join Date: Sep 2004 Location: NCR Posts: 3,417 Thanked: 2,552 Times	its available in dda.org.in
	() Thanks

14th August 2008, 15:17	#12
panky12345 Senior - BHPian Join Date: Mar 2006 Location: New Delhi Posts: 2,697 Thanked: 171 Times	that one page thingy only? i thought it'd be like 40 -50 pgs ka brochure!
	() Thanks

15th September 2008, 16:21	#13
anonymous BHPian Join Date: Jan 2007 Location: NCR Posts: 565 Thanked: 25 Times	So finally how many bhpians have applied for this lottery?
	() Thanks

24th November 2008, 10:42	#14
sam003 BHPian Join Date: Nov 2006 Location: Delhi Posts: 533 Thanked: 67 Times	Check your application status Guys if any one of you applied for this scheme kindly check status of your application @ Delhi Development Authority to see whether DDA actually received your application for lucky draw or not.
	() Thanks

16th December 2008, 14:52	#15
anonymous BHPian Join Date: Jan 2007 Location: NCR Posts: 565 Thanked: 25 Times	So finally the day has come. The draw is being held as I write here and hopefully will be updated on their website by 3 PM today. Lets see.
	() Thanks