Government Removed Lock-in period of five years from DDA flats

Recently DDA housing Scheme 2017 brought a hope for the property investors by removing a lock in period of five years. It was launched after the approval of Lt Governor Anil Baijal, Chairman of DDA .The new Scheme is expected to be launched in the mid of June 2017 and it will offer around 13,000 flats for the first time buyers and investors who are looking for great returns in future.

The removal of lock in period will allow the house owner to sell the flat within five years after the purchase of the flat. Lot of people buy these government Scheme properties at lower rates and sell it at high prices after few years. So to avoid it a multi-tier panel has been introduced in the scheme to keep non serious buyers away from these benefits.

In year 2014 buyers surrendered the flats due to lack of basic facilities like street lights , poorly constructed roads and some even complained that the size of the flats are small in comparison to what was promised to them. So out of these 13,000 flats offered in 2017 majority of the flats are from 2014 housing Scheme only. Now governor has instructed the responsible officials to bring better connectivity and infrastructure for the residents before rolling out the scheme.

Out of 13,000 Flats 11671 are 1 BHK/LIG flats , 437 Janta Flats , 79 HIG flats , 564 EHS and 398 MIG flats. More banks are roped into the scheme to provide benefits for the buyers. Government also added a new surrendering policy in the scheme which will be helpful for the buyers in decision making.50% money will be sacrificed if the applicant withdraws the application within 3 Months of demand letter issuing. If he withdraws after 3Months, then the entire money will be forfeited. If the applicant surrenders the registration before the draw entire booking amount will be refunded in such case. The amount will be dependent on the nature of the flat only.

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