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Thousands waiting to own DDA flats
The Delhi Development Authority’s sale of 5,010 apartments saw people queuing up by the thousands to take advantage of a once in a lifetime opportunity. By the end of Tuesday, when the authority had stopped receiving applications, an estimated 864,000 applications—equivalent to nearly one in every 16 of the city’s residents—had been bought and some 400,000 downloaded from the Internet. By the end of Tuesday, an estimated 864,000 applications had been bought and some 400,000 downloaded from the Internet. The draw of lots for the apartments is likely to be held within three months. DDA, however, will not pay interest on the deposits to those who do not win allotments.
According to DDA, which says its mandate is to provide affordable housing and not necessarily profit from it, the apartments are priced at about 40% below market rates. These units are typically sought after because they are fully finished flats and relatively cheaper than those offered by private builders. The last time DDA announced a similarly real estate scheme in 2006, it received some 200,000 applications for 3,000 houses. Since its inception in the 1960s, the authority has until last year offered 42 housing registration schemes, allotting some 360,000 houses, of which it estimates nearly half as being for lower income groups. Still, with property in the city getting scarce, those wanting to buy apartments or houses are forced to move elsewhere in satellite towns that surround the Capital.
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