Delhi Development Authority has extended the deadline for the 2017 housing scheme by a month as it was unable to receive the desired response.
According to sources, the land-owning agency received close to 8,000 applications against the 12,072 flats which were up for sale.
“We have extended the date till September 11, as we have not received an adequate number of applications,” said a senior DDA official.
Officials said the main reason for the poor response was that banks were not giving loans due to the forfeiture clause. DDA had introduced the forfeiture clause — penalty ranging from 25% to 100%, to ensure that only serious buyers applied under the scheme.
“Due to the clause, banks were not giving loans. But now we have relaxed the clause and are hopeful that this will make it easier for people to avail loans from banks,” said JP Agarwal, Principal Commissioner, Land Disposal and Housing, DDA..
According to sources, the land-owning agency received close to 8,000 applications against the 12,072 flats which were up for sale.
“We have extended the date till September 11, as we have not received an adequate number of applications,” said a senior DDA official.
Officials said the main reason for the poor response was that banks were not giving loans due to the forfeiture clause. DDA had introduced the forfeiture clause — penalty ranging from 25% to 100%, to ensure that only serious buyers applied under the scheme.
“Due to the clause, banks were not giving loans. But now we have relaxed the clause and are hopeful that this will make it easier for people to avail loans from banks,” said JP Agarwal, Principal Commissioner, Land Disposal and Housing, DDA..
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