Ownership of flats only after five years of possession
After the rolling out of chief housing schemes under which around 26,000 flats will be made on offer, the Delhi Development Authority has proposed to approve the ownerships of the flats only after the flat has been in possession of the owner for five years. This initiative is going to be taken to do away with the middlemen from the allotment process.
The DDA Vice Chairman Balvinder Kumar stated that the proposal has been made in order to discourage the speculating investment and keep away the middlemen who often sell the flats at a higher rate after they get the possession. The authority stated that they are looking for only genuine people who want to buy their flats and not those people who purchase the property only to earn from it by selling at much higher market prices.
People who need such flats will only be allotted and this is the sole reason to introduce the proposed five year duration clause. The authorities want the process to be a fair one. The aforesaid was stated by the DDA Chairman Balvinder Kumar. The proposal is going to be approved by the Lt Governor Najeeb Jung who is now the chairman of the DDA.
Source: The Hindu Business Line
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