India News | DDA Records Rs 1,371-crore Surplus in 2024-25 with Growing Demand for Its Housing Schemes

New Delhi, Apr 23 (PTI) The public property developer of Delhi, DDA, posted a record surplus of Rs 1,371 crore in 2024-25, primarily owing to a growing acceptance of its housing schemes.

This is the second consecutive year when the Delhi Development Authority (DDA) has recorded surplus revenue. In 2023-24, it recorded a surplus of Rs 511 crore under the General Development Account (GDA), reversing the revenue-deficit trend of 12 consecutive years, according to a statement issued by the DDA on Wednesday.

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The GDA refers to the revenue sources of the DDA in the form of transactions relating to disposal of houses and shops developed by it, licence fees from built-up properties, management of sports complexes etc.

Lieutenant Governor V K Saxena, who is the chairman of the DDA, took charge in May 2022 at a time when the DDA was incurring "huge losses" mainly due to a large number of unsold inventory of flats, the statement said.

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At the very first meeting of the DDA attended by him, Saxena asked officials to take corrective measures to curb the losses and make the Authority financially self- sustainable.

According to the data up to March 31, DDA has registered a steep and steady upward trend in the actual surplus in the GDA. In 2024-25, the total receipts under the GDA stood at Rs 3,477 crore, while the total expenditure was Rs 2,106 crore.

In 2022-23, the GDA was in a substantial loss of Rs 1,304 crore. It, however, registered a significant surplus of Rs 511 crore in 2023-24 for the first time in 12 years, the statement said.

The GDA surplus of Rs 1,371 crore in 2024-25 is 169-per cent higher compared to the 2023-24 figures.

"The growth in GDA is primarily on the back of rising trajectory of the housing receipts, from Rs 665 crore in the year 2022-23 to Rs 2,398 crore in the year 2023-24, which is an upswing of about 260 per cent in the total housing collections," the DDA said.

This further exceeded to Rs 3,176 crore in the financial year 2024-25. The DDA has shifted its focus in the last three years on Narela sub-city with a number of upcoming infrastructure projects, including an education hub housing university campuses and a proposed international sports complex.

Further, the upcoming Rithala-Narela-Kundli metro corridor has enhanced the commercial appeal of Narela, where the DDA registered a record sale of more than 8,500 flats in 2024-25 with a revenue of over Rs 3,100 crore, the statement said.

It is noteworthy that the total housing collection in the last two financial years -- 2023-24 and 2024-25 -- stood at Rs 5,574 crore, which is 25 per cent more than the collections of only Rs 4,460 crore in the previous eight financial years from 2015-16 till 2022-23, it added.

The receipts from the sports complexes owned by the DDA also registered an impressive collection, rising from Rs 77 crore in 2022-23 to Rs 89 crore in 2023-24 and further to Rs 111 crore in 2024-25.

Under the LG's supervision, the DDA took a number of steps to enhance customer appeal for its inventory like increasing the token money to identifying non-serious buyers, changing allocation from the lottery system to the first-come-first-served mode and removing the mandatory provision of owning property in Delhi to apply for its housing schemes, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)