Since Its is Application Stage only and not Allotment Stage, I will Blog only about Application PROS and CONS.
1) Allotment is Purely based on Attempts and Ages. If two people are having Same Attempts, then they will consider Age.
If Person A is applying First time and His age is 75 years , Person B is applying First time and His age is 74 Years. Then Person A is allotted with Site. Person B has to wait. Due to Age Factor.
If Person A is applying 3rd time and His age is 52 years, Person B is applying Second time and his age is 83 years, Then Person A is allotted with Site. Person B has to wait. Due to Attempt Factor.
2) If this First time you are applying, then apply in the name of your Parents, since the Age will be more and hence more chance of getting allotted. If this NOT First time, then unfortunately you have to continue the same, so the Number of Attempts gets Increased. This idea works better for People who don't have Brothers / Sisters. So if Parents get allotted, then He/She can fund through loans as well.
3) If you have Brothers / Sisters, then applying in Parents name is not recommended. Since the Site will be in 10 years Lease, If your Father/Mother applies and get allotted, and you pay loans to the Site as CO-Owner. After 10 year lease the property is registered first in Father's / Mother's Name. Later it has to be Gifted to you after 10 Years. I will STRONGLY TELL after 10 Years, the 23 Lakhs (30x40) Site value will be atleast 60 Lakhs. During that time, there is 100% chance, in the Change of time for 10 Years, Your Brother / Sister would approach for Share in that. While now you have paid loan for 23 Lakhs, you might have adjusted the money with RISK But after 10 Years, Even 23 Lakhs will not be worth RISK you have take now.
So Please discuss with your Brothers / Sisters and openly share your fiancial burdens. All of you Pay Loan Interest commonly, If not Decided NOW ONLY who should own the Site. 50x80, 40x60 can be shared within Family, But Sharing 30x40, 20x30 sites after 10 Years, if the rates are high, it will become really tough.
4) For Investors: Please understand, the market value of Site in NPKL for 30x40 site at Mysore Rd side is 35 Lakh and Magad Rd side is 30 Lakh, But BDA is now giving at 23 lakhs. Reason being it will be in 10 Years Lease and only after 10 Years you can sell it. Also there is another important clause, i.e. Build house in 5 Years from allotment. Which means in 5 years you have to build house. If not Site will be canceled. Please understand you are not buying site for 200rs and wait for 10 years for it to become 2000rs. Reality is you are Buying at 2000rs and wait for 10 years for it to become 5000rs. Not much of Appreciation though, still its on advantage end, if you have previous attempts and Cash. So think about.
5) People who really need a Site to build a house and live in NPKL. This would be best oppurtunity since, BDA is selling Sites in Two Years Old Rate. so you are already in advantage. This NPKL is the last layout from BDA and RERA is implemented and 100% BDA has to complete the Layout in 3 Years. In the center of layout 100M (300ft) road will be constructed to connect Magadi Road and Mysore Road. On Mysore Road - Metro Rail and Magadi Road - Mono Rail is Proposed in RMP 2031 BDA plan. NPKL is has many lakes, so this could be Best Residential Layout. Bidadi Town ship already Approved, 6 Lane Bangalore - Mysore Raod. All will contribute for development of Layout.
Association President Karunakara Shetty says, Only Direct Allottee of Sites can be Committee Member, can only do Service to Association. Although I'm Founder of Association with Surya. They do not want Allottee Son, Daughter, Husband, Wife in Association Committee now. After Two Years now Assocication President has realised this. We said, If a Allottee is Association Member and Can become Memeber and has Right to Vote, Then why not Right to Contest. Although i'm still member by paying 500 Rupees and Founder of Association, i do not want to continue under his lead. Hence left the Whats App group. I will continue my work blogging and ensure i get every benefit from BDA for every rupee i pay to BDA.
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