With no takers for Bangalore Development Authority (BDA) flats, officials have now decided to modify their standard sales procedures and introduce new schemes like ‘across the table’ sales and bulk allotment schemes while re-notifying their flats.
In December 2016, BDA had invited applications for the sale of 3,500 flats. The response was poor and the authority received just 839 applications. Even after extending the deadline, there was not much enthusiasm from buyers.
BDA had then blamed demonetisation. Now, to make the most of the lull in the market owing to the Real Estate (Regulation and Development) Act, 2016 (Rera), new schemes are being put in place.
“We will soon issue a fresh notification for the remaining 2,661 flats within a week’s time. We are also planning to start the ‘across the table’ sales scheme, where the applicant can purchase a flat directly from us within a day’s time and not follow the set procedures,” said a senior BDA official. He said that it normally takes a year for an applicant to get the final allotment letter and the flat key, where two months’ time is spent in collecting applications, then two months for processing them, another six months for the applicant to pay the amount before taking the possession certificate. “But after introducing the new sales method, we are hoping for a good response from buyers. We have 2,000 ready-to-occupy flats which have become an accumulated inventory for us,” the official said.
Bulk allotments
BDA is also planning to adopt a new policy to start bulk allotment of flats. This comes with the increasing number of inquiries from many government organisations, banks and communities. “The Provident Fund Department has sought 100 two-bedroom-hall kitchen (BHK) flats in Kanminneke near Kengeri. Once the BDA board approves this, then allotment will be made. We have also received inquiries from the Income Tax Department, Karnataka Power Transmission Corporation Ltd, Karnataka Milk Federation and some nationalised banks for bulk allotment of flats in different areas. A special policy is needed since flats were earlier given to independent applicants. This will help us sell our flats quickly,” he said. The official pointed out that priority will be given to the 839 applicants, then to those approaching the BDA for bulk allotments, then to open-ended sales customers and then to fresh applicants.
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