As per reports DDA is expected to return the deposit amount of Rs. 100,000/- (Rupees One Lakh) by end of this month i.e. 24 Dec, 2014. Though initially DDA has said that it will return the security deposit of Rs. 100,000/- (One Lakh rupees) of unsuccessful applications within three months of holding the draw of lots, it is now aiming at returning the amount by 24th Dec 2014.
As per the information available with us people who had filled their forms using SBI have started getting their money back. We have asked HDFC bank on the status of payments and as per their response demand drafts have been sent on the residential addresses of the applicants who filed their applications through HDFC Bank. Some online forums suggest that applicants who registered using SBH too have received refund payments.
DDA generates a significant amount of interest on the registration amount it collects from the applicants. This amount is used for DDA’s housing and other projects. As per news articles it is DDA vice-chairman Balvinder Kumar's decision that DDA is aiming to return the registration amount within a month.
The Delhi Development Authority (DDA) had mentioned it in their brochure at annexure “B” that DDA will refund registration money through the nodal branches of bank at which applicants have submitted the form either online or offline mode
If you are one of the unsuccessful applicants, you don’t need to visit the bank branches for refund of registration money as the registration money will be credited back to your account automatically through the nodal branch of the bank through which you have submitted the application form.
However, if you do not received your money within 90 days then you are suggested to contact nodal officer of the bank as given in annexure B of the brochure. DDA or the bank will not entertain application for refund, loss/mutilation and non-encashment of refund cheque one year after the closure of this scheme.
This announcement comes as a relief for many applicants who have their money stuck with DDA as a non-performing asset cause DDA will not be paying any interest to the applicants for this period. However, there are rumors that DDA will be paying 8 percent interest if there is delay in repaying the money back to the applicants. For applicants who had availed financing schemes from participating banks it means that they will need to pay lesser interest to the bank if the terms and conditions of the concerned financing agreement allow so.
For more details you may refer:
http://profit.ndtv.com/news/your-money/article-dda-housing-scheme-unsuccessful-applicants-may-get-refund-by-december-24-714046
As per the information available with us people who had filled their forms using SBI have started getting their money back. We have asked HDFC bank on the status of payments and as per their response demand drafts have been sent on the residential addresses of the applicants who filed their applications through HDFC Bank. Some online forums suggest that applicants who registered using SBH too have received refund payments.
DDA generates a significant amount of interest on the registration amount it collects from the applicants. This amount is used for DDA’s housing and other projects. As per news articles it is DDA vice-chairman Balvinder Kumar's decision that DDA is aiming to return the registration amount within a month.
The Delhi Development Authority (DDA) had mentioned it in their brochure at annexure “B” that DDA will refund registration money through the nodal branches of bank at which applicants have submitted the form either online or offline mode
If you are one of the unsuccessful applicants, you don’t need to visit the bank branches for refund of registration money as the registration money will be credited back to your account automatically through the nodal branch of the bank through which you have submitted the application form.
However, if you do not received your money within 90 days then you are suggested to contact nodal officer of the bank as given in annexure B of the brochure. DDA or the bank will not entertain application for refund, loss/mutilation and non-encashment of refund cheque one year after the closure of this scheme.
This announcement comes as a relief for many applicants who have their money stuck with DDA as a non-performing asset cause DDA will not be paying any interest to the applicants for this period. However, there are rumors that DDA will be paying 8 percent interest if there is delay in repaying the money back to the applicants. For applicants who had availed financing schemes from participating banks it means that they will need to pay lesser interest to the bank if the terms and conditions of the concerned financing agreement allow so.
For more details you may refer:
http://profit.ndtv.com/news/your-money/article-dda-housing-scheme-unsuccessful-applicants-may-get-refund-by-december-24-714046
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