DDA House Allotment Scheme - a Ray of Hope

Owing to rising interest rates and increasing borrowing rate the number of home buyers in Delhi has gone down tremendously.

Rising home loan rate has weakened the consumer responses and also has affected the sale of residential real estate in Delhi. July was bad and real estate experts predict August to be even worse. The prices are escalating on the same scale but transactions have drooped down immensely. Take for example Dwarka, here the prices have been on an upswing for almost past five years but it is witnessing fewer transactions lately.

Delhi real estate builders, however, isn't wary of the current scenario. In fact they feel that buyers should be patient. They should wait before buying a property in Delhi till the festival season. Developers and industry experts alike feel that near the festival season there is going to be a major price correction.

But, for the buyers the festival season has already began in with DDA likely to allot 5,500 one, two and three bed room apartments across Delhi over the next few months. Although, it is going to be complete luck has to who all will get a hold of a house of own in Delhi but this could probably be the mega chance to buy an affordable home in the city.

Moreover, as Delhi remains a popular destination for expats, the prices in the city never go down in reality. Especially, the central and south Delhi residential properties are considered evergreen. At any point of time to buy an apartment in south Delhi's posh localities it costs around Rs 15000 – 20000 per sq ft and in central Delhi is goes up to anywhere between Rs 30000 – 100000 per sq ft. In view of this, the DDA allotment scheme comes as a big respite for many who are on a look out for a home in the capital city. The scheme is also expected to set in motion the transactions as well.

Though, the scheme could present a tough competition to private Delhi Real Estate Developers but the buyers may well party.

George Gonigal provides you the best and latest information on Delhi real estate. If you want to buy apartments in Delhi, he suggests you log on to magicbricks.com.