If you are on the lookout for very affordable plots, for short-term investment, you may check out the “Affordable Plotted Housing Scheme” in Sohna, Faridabad, and Kundli-Sonipat in the Delhi NCR.
This housing scheme, also called “Deen Dayal Jan Awas Yojana (DDJAY)”, was launched by the Haryana government for low and medium potential towns like Sohna, Faridabad, Bahadurgarh, Dharuhera, Rewari, and Karnal under the PM Awas Yajna (PMAY) to fulfil “Housing for all by 2022” mission of the government of India.
Many top developers like Raheja, Supertech (in a joint venture with Gold Souk), Antriksh India (in Rewari), Signature Global, and Alpha Corp (in Karnal), RPS (in Faridabad), etc, have obtained licence and launched their plotted development projects.
Raheja Developers launched Raheja Akshara at a price of Rs 25,000 per sq yard while Supertech is selling its affordable housing plots at Rs 27,000 per sq yard in Sohna (South of Gurgaon).
BENEFITS OF DDJAY
Price of plots here is nearly half, compared to those in other parts of the NCR, but specifications and amenities offered are way better. The policy aims to encourage the development of high-density plotted colonies in low and medium potential towns of Haryana where small plots available through a liberal policy framework.
Customers can buy a plot of up to 150 sq metres. If you construct a house on the plot, you are eligible for an interest subsidy of up to 6.5% under PMAY. You can also save on tax along with interest subsidy under the credit-linked subsidy scheme (CLSS). Prospective buyers can avail a loan of up to 80% of the property value from all lending institutions in DDJAY.
Rakesh Yadav, chairman of Antriksh India, said, “We have launched plotted development under DDJAY in Rewari, where we are offering plots in the size range of 60 sq metres to 150 sq metres.”
R C Gupta, MD of RPS Group, says: “The scheme is not only beneficial for developers and promoters, but also for buyers and investors. For example, if you buy a plot of 80 sq metres, you can build four 2- or 3BHK type houses (stilt plus three floors) of the same size by availing a FAR of 2.0. The average cost of construction of each flat is around Rs 1500 per sq ft, that is Rs 5-6 lakh per flat. If we calculate entire cost of construction, it is between Rs 40 lakh and Rs 45 lakh for all the floors, including land cost, which gives you almost two-three fold benefit if you were to sell each floor for Rs 25 lakh.”
Under the scheme, projects must be completed within 7 years (5+2 years) from the date of grant of licence. The minimum and maximum net planned area for any such projects shall be 5 acres and 15 acres. The developer can utilize not more than 10% of the licensed area for sector roads, while he will transfer 10% of the area, free of cost, to the government for the provision of community facilities.
Navin Raheja, CMD of Raheja Group, says: “Today, owing to constant increase in land cost and the cost of construction, the common man is finding it hard to own a house. Thus, we have come up with affordable plotted development scheme under the Haryana government’s DDJAY. This is a unique profit-making opportunity for buyers, as on a plot costing Rs 13 lakh onwards, a buyer can earn up to Rs 35 lakh. So, while making a clean profit, one can also be a part of mission ‘Housing for all by 2022’.”
Source : TOI