As the DDA launched the Housing Scheme 2014 that has a majority of flats in Dwarka and Rohini, property dealers feel the locations chosen by the land agency are poor and the scheme is not going to affect the market for long.
The five-year lock-in period, the real estate agents and property dealers say it is not going to make much of a difference.
Sahil Gupta of Gupta Realtors in Dwarka says the location in which the DDA is constructing flats in Dwarka and Rohini are poor and lack the basic facilities.
“The location of these flats is very poor. It will take a minimum of 10 years for the area to develop. It will take time for appreciation as well. Genuine buyers will be benefited. The market is not going to be affected for long though,” said Mr. Gupta.
He said the scheme is not going to have much effect on the market as a majority of the flats are one-bedroom or LIG flats.
“Had majority of the flats been HIG or MIG, it would have affected the market as most of the buyers in Delhi are for these flats.”
Dinesh Nagpal of JMD Properties in Rohini said the market is not going to be affected as “in Delhi most of the people are staying in rented accommodation and even 25,000 flats under the scheme are few.”
He also said that the Rs. 1 lakh registration amount is not a good deal for one and all.
“Many applicants would not be able to pay this amount, forget the cost of the flat. So the money will eventually be paid by dealers or agents.”
Similar views were expressed by Jitender of Shree Ganesh Estate in Dwarka who said barring a few locations, all the sites for the scheme are poor.
“The sites where EWS flats are being made are really poor.”
He also said the lock-in period is to check speculative buying, but “there is no bar on dealers applying in the scheme. Not every dealer has a house in Delhi.”
