Delhi residents can now buy second property in the city after the DDA revised the old home buying regulations and the decision was taken in a recent board meeting of the Delhi Development Authority.
New Delhi: Here comes a piece of good news for potential home buyers in the national capital. They will now be able to purchase a second property, even if they already possess a home. The Delhi Development Authority (DDA) in this regard has given the nod to this change during a recent board meeting, a report by News 18 claims.
The report further stated that the move to allow individuals to own a second residential property within Delhi was made in a recent board meeting of the Delhi Development Authority.
The new move marks the end of old regulations with regard to home buying. As per the previous regulations issued in the DDA regulation of 1968, individuals who already owned a property in Delhi, New Delhi, or Delhi Cantonment were not eligible to acquire a second home at the same location.
This regulation led to a stagnation in flat sales which resulted in an accumulation of unsold units over the years.
To address this matter and promote the sale of new housing flats, the decision to amend the housing rules was initiated by the DDA in a recent board meeting.
The proposal, which has received approval during the board meeting led by Lieutenant Governor and DDA Chairman VK Saxena, will now be forwarded to the Union Ministry of Housing and Urban Affairs for final endorsement.
In a statement, the DDA had earlier acknowledged the impact of the previous restrictions on the sale of DDA flats and said the regulations had hindered the sale process for potential buyers who already owned a flat or plot in Delhi.
However, the DDA noted that shifting family dynamics, leading to increased household sizes, had generated a scenario where many individuals possessed the purchasing power and willingness to acquire a new flat, but were hindered by the prior regulations.
However, the new regulation has brought happiness to the faces of potential home buyers who are looking forward to buying new properties.
Talking to News 18, Sudhanshu Mishra, a resident of Dilshad Garden DDA, expressed his approval, and emphasized the transformative impact of this decision, particularly in a changing world characterized by nuclear families.
He stated that this policy alteration would unlock the potential for future generations to own homes, unburdened by the previous restrictions.
In a similar manner, Prerna Jha, another resident of a DDA society, recounted her experience of having to register her flat under her father’s friend’s name due to the previous policy.
However, she now expressed hope that the recent policy revision would enable her to register the property in her name, eliminating the previous constraints.
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