After a 4-year hiatus the Delhi Development Authority or the DDA launched its biggest ever housing scheme this September with over 25,000 flats on offer.
Usually, this is the one chance where buyers get to own a small piece of the national capital at literally throw away prices but according to CNBC-TV18's Nayantara Rai, the DDA sale this time around hasn't evoked buyer frenzy.
On November 5th and the DDA will draw lots for 25,034 apartments ranging from Rs 5.5 lakh to Rs 1.2 cr.
The first housing scheme since 2010, DDA has received 7.5 lakh applications as against the 17 lakh brochures that were sold. So 50% of those that chose to buy brochures did not finally apply. Insiders in DDA concede the response has been tepid and not as overwhelming as 4 years back.
They attribute this to a 5 year lock-in and the ban on transfer of the property to any third party including a family member.
DDA typically prices the apartments 40-50% below market rates and this year was no exception. But the 5-year lock-in is expected to prevent a steep price appreciation and has kept speculators at bay.
DDA had even resorted to extending the deadline of submitting applications from Oct 9 to Oct 15 in a bid to shore up interest.
Just to put it in perspective, in 2010 the DDA had again received the same response; 7.5 lakh applications but for few fewer apartments on offer that is 16,118.
Also unlike the previous schemes, DDA this time round has kept a much higher quota for its smallest sized apartments. Over 95% of the flats on offer have only one bed room costing between Rs 14.34 and 27.85 lakhs.
There are only 561 two bedroom flats on offer for Rs 42-69.62 lakh, and just 21 three bedroom apartments for Rs 37.5 lakh to 1.2 cr.
Given the frenzy on the the launch day of sep1, the DDA had anticipated a much stronger response. Hundreds of people had lined up at the DDA headquarters from 6am, online traffic led to the DDA's website crashing.
Unfortunately the euphoria was short lived. The winners will be decided by draw on November 5 and will be broadcast live on Youtube. DDA said it chose Youtube over its own site to avoid any embarrassment again.
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