– By Sunil Sisodiya 

Deen Dayal Jan Awas Yojna is a government initiative in Haryana that encourages the construction of high density planned colonies in towns with medium and low potential. By 2022, the Haryana government hopes to build 2 lakh affordable housing units in the state’s low- and medium-potential cities and towns through the Deen Dayal Jan Awas Yojana. In the presence of Prime Minister Narendra Modi, Chief Minister Manohar Lal Khattar declared that the state government would build low-cost, high-density colonies in places with low and medium potential where the land would be accessible for development. Under the plan, private developers would build inexpensive housing colonies.

This plan was authorised by the Haryana Government’s 2015 Consolidated Licensing Policy and falls under the Prime Minister Awas Yojna (PMJAY). Developers or builders are permitted, under the terms of the DDJAY, to construct housing societies or colonies on land banks ranging from 5 to 15 acres. The most intriguing aspect of this program is that prospective buyers can obtain loans from the top public and private sector banks for up to 75 per cent of the property value for plots, and for up to 90 per cent of the property value for builder floors and flats.

Also Read: How FMCG firms can explore ways to beat inflation by creating demand

Buyer advantages under the Deen Dayal Jan Awas Yojna: 

● Under this system, buyers are free to buy freehold, loanable, and dispute-free plots. Under the government’s Pradhan Mantri Jan Awas Yojna (PMJAY) credit linked interest subsidy program, first-time house purchasers are also eligible for an interest benefit of up to 2.35 lakhs.

● Developers can register four independent floors on each site under the DDJAY program with the inclusion of a lift and stilt parking.

● Because each floor qualifies for a separate registration, individual bank loans may be obtained for each floor. Each plot has a total FAR of 2.68.

● 10 per cent of the permitted colony’s land must be transferred by the developer or coloniser to the government for the construction and maintenance of community facilities.

● Only the residential zones of towns, as identified in the master development plans, are permitted to use the town planning system under DDJAY.

Amendments under the Deen Dayal Jan Awas Yojna:

For the government, the fact that the revenue it was supposed to receive after two years, on the development of 50 per cent frozen units, like EDC / IDC, will be available today and developed at a faster rate, is advantageous. For developers, it provides a major advantage due to the fact that they could only sell 50 per cent of the units earlier. Additionally, they had to first develop it. So that the builders would run into financial difficulties, he could only sell the remaining 50 per cent after two years. And getting the project to DDJAY was challenging for the new players. In the future, more projects will be covered by the DDJAY program thanks to this change, which will also inspire new builders.

In terms of policies and revisions, the government is very involved in advancing Gurugram’s growth. From all of this, it is certain that property prices in Gurugram will continue to rise. 

(Sunil Sisodiya is the Founder & Chairman of Geetanjali Homestate Pvt Ltd)