DDA earns millions from latest housing scheme

The latest housing scheme that closed on Tuesday has been proved a million-dollar deal for Delhi Development Authority (DDA). During one-and-half month long rush DDA succeeded to collect hefty amount of money, which can be implemented in making crores of rupees by investing in banks under various schemes.

The latest DDA housing scheme that was opened on August 06, 2008 for allotting over 5000 one, two and three newly constructed bedroom apartments across Delhi has been closed on September 16 and by end of the date, DDA official has informed that as many as 8.64 lakh forms have been sold from several selling counters including banks and DDA outlets while nearly 4-lakh forms have been downloaded from the website of DDA.

This was around 2.5 times more of DDA’s expectation as it had earlier published only 5-lakh forms, but after shortage and huge demand, it again ordered to print the same number of forms. As per report, on the very first day of opening the scheme, DDA had sold around 80,000 forms, a record in its history.

If we calculate the amount, DDA has collected (8,64,000 forms* Rs.100 per form= Rs.8,64,00,000) Rs.8.64-crore from the printed forms only, and if we assume that all the downloaded forms would have been submitted, the total amount would reach to Rs.12.50-crore, as a Demand Draft of Rs.100 was mandatory to submit with the form as the form price.

Moreover, DDA has asked Rs.1,50,000 for housing registration and if we calculate this amount with the submitted form, it will reach in millions of rupees.

As per DDA officials, after closing the scheme, DDA has received only 3.50 lakh forms as against 12.5 lakh sold and downloaded forms and after calculating the registration fee amount, the total registration amount reaches to Rs.5250-crore for the 5010 odd flats.

If DDA deposits this money in saving account of the banks at the lowest interest rate (3.5% annually), it would earn Rs. 15.31 crore per month that would be translate into 45.93-crore for three months, as after three months DDA will announce the allotment. While at the highest interest rate of 10% on fixed deposit, it can collect hefty Rs.131-crore in just three months.

This DDA housing plan came after two-year long period as in 2006, it had launched the housing scheme for 3,000 houses and collected 1.90-lakh forms as against 3.0 lakh sold form.