By Accommodation Times News Service
Delhi Development Authority (DDA) has set new deadline for private builders and developers. According to the new land policy implemented by DDA it will be mandatory for the builders and developers to complete the construction of the building and allot the possession to the owners within five years. If the builders do not follow the deadline their license will be cancelled and their land can be seized away by the government.
DDA has amended the new policy in order provide the property to people within the desired time period. After the amendment of the policy the private builders who acquire lands from farmers for building group houses, under the permission granted by DDA, those projects possession should be allotted to the owners within five years of period. According to a officer of DDA, this policy will pressurize the builders to go with their commitments and follow the deadline.
According to the experts, the period of five years is too much looking at the need of housing in the city, to complete a project. Experts say, an individual invest it’s entire life’s savings in purchasing an apartment and if they do not receive possession in desired time period, they have to suffer double loss. At one hand they have to pay the interest on home loan of an apartment, which is still under construction and on other hand they have to pay the rent of their existing house. According to them three years time period is enough for the built-up.
According to NCR’s experience, government agencies are not able to provide basic infrastructure facilities on time like roads, water, electricity, sewage, etc. and when they pressers the builders to follow the deadline, builders blame government for not providing the basic infrastructure facilities. In such arguments ultimately the possession gets delayed. Hence, experts says both the bodies should consider the time limit to complete the project within the desired time.