Everything You Need To Know About Deen Dayal Jan Awas Yojna

Everything You Need To Know About Deen Dayal Jan Awas Yojna

A home is a place where everyone seeks peace and relaxation. It does not matter how big or small your home is. A home is something that you can call yours. And, having a home of dreams is something that is one of the top priorities on everyone,s list. While buying a house thousands of factors come to our mind like budget, locality, space, etc. But out of them, the budget factor influences our decision the most. Because, after finding the house that meets all our requirements. It is quite natural to contemplate the price of the house. And, what would be better if you find a house that seems affordable and fits your pocket as well. Deen Dayal Awas Yojana is also one such great effort of the affordable housing scheme of the State Government of Haryana that was launched by Prime Minister Narendra Modi on 1st November 2016.

What is Deen Dayal Jan Awas Yojna and What is the main objective behind it?

Also read: What is RERA?

Deen Dayal Jan Awas Yojna is an Affordable Housing Scheme that was launched on Haryana Golden Jubliee Day. This scheme has revolutionized the real estate and housing sector by meeting the housing demand at an affordable cost. Since, the day of its launch, many real estate projects have boomed that fill the demands with top-class amenities.

The prime objective behind this initiation is to build Low-Cost High-Density colonies in the low and medium potential towns where the land is available for development. Apart from that, the State Government of Haryana is aiming to develop about 1 lakh affordable homes in the upcoming two years. This scheme falls under Prime Minister Awas yojana which was later approved by the Haryana Government under the licensing policy of 2015. As per DDJAY, real estate planners and developers are allowed to build housing colonies and societies in areas of acres to 15 acres of land. And, the best part about this scheme is that prospective buyers can avail of a loan by 75% on the property value along with a 90% loan available loan on builder floors and flats.

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Attributes of Deen Dayal Jan Awas Yojana(DDJAY)

1. For the project development only up to 30% of a city,s total planned residential Area would be offered. And, the maximum plot area under this scheme has been determined at 150 square meters (Sq M).


2. The project under DDJAY Scheme could be developed on the area ranging from 5 to 15 acres.


3. The area under roads cannot surpass the limit of 10 percent of the total licensed area. A real estate developer is also required to transfer 10 percent of the licensed colony area to the government free of cost. It is required to regulate and provide community facilities.


4. Under this scheme, developers can register independent floors on plots along with stilt parking. The area can be allotted up to 50 percent and the remaining area will stay with the government. But the developers can continue the development work on it and out of this 15 percent of the area would be mortgaged for the internal development works.


5. The developer can mortgage the residential plots at least 15 percent of the total saleable area as a means for security with authority. The developer has the option to deposit the cost of internal development works with the municipality concerned at a mutually decided rate. The deposit will act as a security against any future perpetration. The license fee has been set at INR 10,000 per acre for the low potential towns and 1 lac rupees per acre for the medium potential towns.


6. The conversion and infrastructure development charges have been rejected under this scheme. Moreover, the license fee also has been reduced and the developers have also been given an option either for mortgaging the 15 percent saleable area or to provide a bank guarantee for the same project that falls under international Development Projects.


7. The Applications Under this policy could be submitted within 90 days from the date of notification. In case the total number of applications received In a Particular Area crosses the total Area that has the permit under this policy, then, all the applicants who meet the Eligibility Criteria will be considered for granting the minimum area of five acres. In any case, if the total number of applicants is less than the total area allotted then each and every applicant will be considered for the grant of license.


8. The Director-general of town and planning has been given the authority to increase the total allotted and permitted area by 40%


9. Developers will be given a letter of rejection or intent within the 6 months of applying. The application is dependent on the ongoing process and will be accepted on that basis till the demarcated area under the policy has been assigned.

Benefits of purchasing a house under Deen Dayal Jan Awas Yojana

1. If you have a steady and decent annual income then you can easily apply for a home loan under the Deen Dayal Awas Yojana. And, the best part is property is government certified so the time taken in the loan process would be comparatively less.


2. You do not need to pay taxes on your capital gains. One can easily get a tax relaxation by investing in the other property.


3. The project promises to provide affordable housings for the low and potential towns. Hence, every project is affordable because the maximum limit set by RBI is INR 65 lacs for metropolitan cities.