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Buyers Flock To HUDA Scheme By ugesh sarkar, Section Gurgaon Real Estate
THE recently announced residential scheme for the allotment of freehold plots in 16 cities by the Haryana Urban Development Authority ( HUDA) is drawing huge attention in the final week of submission of application forms, said market sources.
On offer are around 4,000 plots of various sizes. It is expected that the authority would announce the results of draw within six months from the date of closing of acceptance of application forms. According to sources, till date more than five lakh forms have been sold out. What is attracting buyers from even nearby states of Uttar Pradesh and New Delhi is the fact that some of the cities are well connected to other parts of the national capital region ( NCR). For instance, cities like Sonipat, Faridabad and Palwal are in close proximity to New Delhi. Moreover, the price points fixed by the state are also reasonable. Pankaj Dogra of Ujjala Associates said, " Individuals have bought application forms in large numbers as one can fill up to 10 forms for each of these cities separately. The rates put by the authority are also lower than those in upmarket Delhi." Interestingly, this time banks were not so prompt to offer loans in the initial weeks of the announcement. Lending institutions realised it late and have offered the earnest money now. Source: Mail Today Buyers Flock To HUDA Scheme Click On "Full Story" For More...
With banks offering the earnest money to applicants, the scheme has brought back the fence sitters, who were looking for some financial assistance. Major nationalised and private sector banks such as SBI, Axis, ICICI Bank and HDFC Bank are providing the earnest money to applicants. The banks are charging the applicants 10 per cent of the earnest money.
It is worth mentioning that banks have selected only 10 cities for providing the earnest money. Rough estimates have suggested that banks will make good profit out of the deal. Earlier, banks had done the same during the infamous 2008 housing scheme announced by the Delhi Development Authority ( DDA). For inviting more applications, select branches of these banks are working even on Sunday, January 3. According to some bank officials, there are certain specific areas against which maximum number of applicants has shown interest. Pradeep Mishra of Sainik Estates said, " Sector 56, 64 and 65 of Faridabad, sector 2 of Bahadurgarh, sector 34 of Ambala and Sonipat has pulled many buyers." The scheme has also attracted a large number of real estate brokers. A market analyst who wished to remain anonymous said, " People who want to make quick money by reselling the plot after some time apply in huge numbers. It gives quick money in less time. The government is not able to check such applicants because the names of family members are used to apply for a larger share. This is purely legal but the chances of speculation increases in the market."
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HUDA announced the scheme on November 6. The last date for submission of application forms is January 5.