NEW DELHI: The Delhi Development Authority (DDA) is poised to launch the next phase of its Diwali special housing scheme, featuring 150 high-income group (HIG) and middle-income group (MIG) flats in Dwarka and Narela. The DDA has reported unprecedented revenue from its housing projects in the financial year 2023-24 and aims to surpass this achievement in 2024-25.
An official from DDA disclosed, “In 2023-24, we sold 7,978 flats, generating an income of Rs 2,803 crore, the highest ever from our housing inventory sales. This included premium properties like penthouses, super HIG, HIG, and MIG flats offered through e-auction in sectors such as 19B and 14 in Dwarka, as well as other areas including Loknayak Puram, Rohini, and Dwarka.” This revenue significantly exceeded the previous peak of Rs 1,500 crore in 2015-16. However, the authority has faced declining revenue and occasional losses in subsequent years.
The DDA is currently awaiting the lifting of the model code of conduct (MCC) to proceed with the launch of the new scheme, which will predominantly feature MIG and HIG flats in Narela (Sector A1-A4) and some in Dwarka.
To enhance sales, the DDA plans to implement improved marketing strategies and showcase sample flats. An official mentioned, “We had previously attempted to offer these flats at discounted rates, but the MCC was enforced immediately after the scheme’s launch. We will now start publicising these properties within the next 2-3 days.” The new scheme will offer flats in Narela at a 15% discount to the public and a 25% discount to government employees. “With the 15% discount, the cost of these flats will range from Rs 85-87 lakhs, and with the 25% discount, the price will range from Rs 75-77 lakhs,” stated the DDA.
The DDA had launched the Diwali Special Housing Scheme 2023 on a first-come, first-served basis on November 24, which included the e-auction of certain newly constructed flats. In February, the authority launched phase III of the scheme, offering 7,931 flats at affordable prices on a first-come, first-served basis. A senior DDA official emphasised that this year’s focus will also include selling vintage flats in areas like Narela, where unsold inventory has been accumulating. The authority is keen on leveraging these discounts and marketing strategies to clear out old stock and boost revenue further.
The DDA’s renewed efforts come amid a broader strategy to revitalise the housing market in Delhi, making homeownership more accessible to both public and private sector employees while enhancing the city’s real estate landscape.
