Payment Plan, possession time for Affordable Housing projects

Payment Plan and possession time for Affordable Housing projects

Huda Affordable Housing policy Flats are 4 years projects.

first 06 months (allotment process)

next 3.6 years (construction done)

Application form filling process is like by DDA lottery or huda plots lottery.

booking amount 5%

draw will be held by HUDA 

Time Period for completion of project:

All affordable housing projects would be required to be necessarily completed within four years from the approval of building plans or grant of environmental clearance, whichever is later. This date would be referred to as the date of commencement of the project and licences would not be renewed beyond four years period from the date of commencement of the project.

Possession Time: 

3.5 Years from the Allotment.

Payment Plan: 

On Booking 5% of total cost of flat with fully filled booking Application Form

On Allotment 20% of total cost of flat  (approximate 3-4 months after submission of  booking Application Form or 15 days after the announcement of Draw Result)

Rest 75 % is Time Link Plan

Within 6 months of Booking 12.50% of total cost of flat

Within 12 Months of Booking 12.50% of total cost of flat

Within 18 Months of Booking 12.50% of total cost of flat

Within 24 Months of Booking 12.50% of total cost of flat

Within 30 Months of Booking 12.50% of total cost of flat

Within 36 Months of Booking 12.50% of total cost of flat

 

Wording of HUDA affordable housing Policy – Notification The 19th August, 2013- 

All flats in a specific project shall be allotted in one go within four months of sanction of building plans or receipt of environmental clearance whichever is later and possession of flats shall be offered within the validity period of 4 years of such sanction/ clearance.

Any person interested to apply for allotment of flat in response to such advertisement by a coloniser may apply on the prescribed application form along with 5% amount of the total cost of the flat.

All such applicants shall be eligible for an interest at the rate of 10% per annum on the booking amount received by the developer for a period beyond 90 days from the close of booking till the date of allotment of flat or refund of booking amount as the case may be.

The applicant will be required to deposit additional 20% amount of the total cost of the flat at the time of allotment of flat.

The balance 75% amount will be recovered in six equated six monthly installments spread over three-year period, with no interest falling due before the due date for payment.

Any default in payment shall invite interest @15% per annum. The project-wise list of allottees shall also be hosted on the website of the Department.

The scrutiny of all applications received as per the parameters prescribed in the policy shall be completed by the colonizer under the overall monitoring of concerned District Town Planner (DTP). The scrutiny of applications by the joint team of colonizer and the concerned DTP shall be completed within three months from the last date of receipt of applications as indicated in the advertisement.

On completion of scrutiny as above, the concerned Senior Town Planner shall fix the date of draw of lots. Simultaneously the ineligible applications shall be returned within one month of completion of scrutiny by the coloniser indicating the grounds on which the applications have been held to be ineligible along with the 5% booking amount received from such applicants. No interest in such case shall be paid.

After fixation of date for draw of lots, an advertisement shall be issued by the coloniser informing the applicants about the details regarding date/time and venue of the draw of lots in the same newspaper in which the original advertisement was issued.