BDA slashes initial deposit by 50% for flats, sites and villas
Previously, buyers from the general category were required to pay 25% of the total property value as an initial deposit, while those from Scheduled Castes and Scheduled Tribes (SC/ST) were required to pay 10%. With the revised decision, the new initial deposit now stands at 12.5% for the general category and 5% for SC/ST applicants. This move comes after the BDA had hiked the initial deposit amount from May 1 of this year, which led to a significant drop in demand. Earlier, BDA was recording 5–6 online bookings per day, but post the increase, there was a visible decline in interest. Many customers had raised concerns that paying 25% upfront was financially burdensome and made it difficult to secure housing loans from banks afterward.
Responding to public feedback and financial challenges faced by prospective buyers, BDA has now reverted to its previous rates to ease the buying process and encourage more home ownership.
To promote the revised offer, BDA will be organizing a Housing Fair on June 21 from 9 AM to 5 PM at its Kaniminike Housing Complex. Various nationalized banks will be present at the venue to assist customers with loan facilities on the spot.
Dr. A. Lokesh, BDA Financial Member, stated that the reduction in the initial deposit will help lessen the financial burden on buyers and boost housing sales.
He confirmed that the deposit amount was reduced following strong public demand.This initiative is expected to revive interest in BDA properties and make them more accessible to a larger section of the population.
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