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You've got a DDA flat for a steal. But brokers swoop down on you for a deal, armed with details smuggled from officials
YOU have just got a Delhi Development Authority (DDA) flat in a lottery, the smile has not yet faded, but they have swooped down on you like birds of prey.
The ubiquitous brokers.
Barely had Delhi'ties stepped out of the lottery hall at Vikas Sadan DDA's headquarters at Sarojini Nagar on Tuesday afternoon that real estate agents started buzzing around them for re-sale of the just-sold flats. "I had just left the DDA office premises, when suddenly a middle-aged man claiming to be a property dealer approached me to re-sale the flat. He promised me one- and-a-half times more money than the DDA rate for the flat," said Vedvati, who had come to participate in the draw held for the 5,238 flats under the DDA Housing Scheme, 2008.
These flats are, ironically, meant for middle-class Delhi'ties who cannot afford expensive private housing. On Tuesday, 5,238 lucky people got flats located at Pitampura, Dwarka, Motia Khan, Paschim Vihar, Dilshad Garden, Vasant Kunj, Narela, Shalimar Bagh, Jhilmil, East of Loni Road, Nand Nagari, Peeragarhi, Sarai Khalil, Rohini, Lok Nayak Puram, Bindapur and Zafrabad.
Nearly 9,00,000 application forms were sold and around 3,00,000 were downloaded from DDA's website. As many as 5,60,000 forms were submitted. The tentative cost of these flats varies from Rs 7.2 lakh to about Rs 77 lakh. The number of one-bedroom flats are 3,500, two-bedroom flats are 890, three-bedroom flats are 350 and expandable flats are 280.
Realty experts say nearly half of the owners will end up selling these flats at up to double the price they will pay to DDA. "Even some of the allottees would be those who were planted by brokers fixing a deal prior to filing the forms," said a realty expert, who wished not to be quoted.
However, the re-sale value of the flats will depend upon various factors like Delhi Metro connectivity, civic amenities and proximity to city centre. "A flat with 67.60 square metres plinth area in Rohini (DDA cost Rs 20 lakh) will easily fetch Rs 30 lakh. It's quick money," said Ravindra Kumar, a property dealer.
The trade-off for selling the brand-new, subsidised flat is that the owner cannot ever apply for a DDA flat
again. "People are free to sell but they should remember they are never going to be considered for another draw," said spokesperson, DDA, Neemo Dhar.
| How they sniff you out |
Charts of allotted flats with flat-owners' details are smuggled out by DDA officials to brokers within hours of the draw announcement
The first crop sells for Rs 5,000 per copy
A day later, the price drops to Rs 1,000 a copy
The brokers, armed with your details, will then hunt you down for a deal |
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