Yes, I am one of the 12 lakh applicants of the Delhi Development Authority (DDA)’s Housing Scheme 2014. I am one of the 12 lakh hopeful souls who forked over 1 lakh to DDA in September and October as a refundable application fee that will go towards the deposit. And I am one of those 12 lakh hapless souls who has been waiting for DDA to announce their Housing Scheme results for the last 3 weeks now.
It’s almost the end of November 2014 and every day we read the paper to hear about DDA’s delays in announcing the results because of stupid excuses like “technological glitches” that make it impossible to announce the results in the desired 2 to 3 hours (as opposed to the current 7 to 8 hours). I’m one of the idiots who is waiting for DDA to announce their results for the PAST 3 weeks (That’s 504 hours, DDA!)
And I’m one of those 12 lakh people who can do basic maths to know that this is a SCAM of immense proportions organized by DDA. Here are some numbers for you:
Number of applicants: 12,00,000
Deposit fee paid by each applicant: Rs 1,00,000
Amount deposited to DDA (By Oct 15): 12,00,000 applicants * Rs 1 lakh = Rs 12000,00,00,000
That’s Rs 12,000 crores deposited to the DDA!
Amount of interest DDA makes everyday on this deposit amount?
Conservative interest rate = 5%
Interest collected by DDA per day = Rs 1,64,38,356.16 (Yes, Rs 1.64 crores!)
So how much interest has the DDA actually stolen from the common man?
Date of original announcement: November 5
Earliest date of announcement: November 19
Extra days = 14 days
Extra interest stolen by DDA = 14 * Rs 1.64 crores = Rs 23 crore!!!
And this does not even take into account the 3 months DDA will take to refund the deposit to the 11.75 lakh individuals who do not win the flat.
Let’s do that maths.
11.75 lakh individuals * 3 months interests @ 5% = Rs 147,94,52,055 (Rs 147 crores!!)
So total amount of money DDA is making (through unfair means) by the Housing Scheme scam = Rs 170 crores!
Why doesn’t our government and media talk about this? I say that DDA should be forced to restore deposits with interest to each and every applicant!