BDA slashes initial deposit by 50% for flats, sites and villas
Bengaluru: In a major relief to property buyers, the Bangalore Development Authority (BDA) has reduced the initial deposit amount by 50% for purchasing residential flats, plots (sites), and villas in its developed layouts across the city.
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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Hans India
a day ago
- Hans India
BDA slashes initial deposit by 50% for flats, sites and villas
Bengaluru: In a major relief to property buyers, the Bangalore Development Authority (BDA) has reduced the initial deposit amount by 50% for purchasing residential flats, plots (sites), and villas in its developed layouts across the city. 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 initiative is expected to revive interest in BDA properties and make them more accessible to a larger section of the population.
Time of India
a day ago
- Time of India
After backlash, Bangalore Development Authority rolls back hike on initial deposit for flats & villas
Bengaluru: Bangalore Development Authority (BDA) has rolled back its earlier decision to hike the initial deposit amount required for purchasing its residential units. The revised rates are now in line with what was charged before May 1, 2025. The decision comes in the wake of sustained complaints from the public, who found the increased deposit requirement unaffordable and a barrier to accessing home loans. The initial deposit — collected at the time of booking flats, sites, or villas developed by BDA — was doubled earlier this year, citing high demand. However, the move drew sharp criticism and led to a visible drop in bookings. Until recently, general category applicants were required to pay 25% of the property's total cost upfront, while SC/ST community members were charged 10%. With the latest revision, general category buyers will have to pay 12.5% as initial deposit, while SC/ST applicants will pay 5%, returning to the pre-May 1 rates. "There was a sharp decline in online bookings after the rates were increased. Many prospective buyers found it difficult to arrange such large sums on short notice, especially when bank loans can only be accessed after the initial payment is made. We've now restored the earlier rates based on public feedback," said a senior BDA official. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Switch to UnionBank Rewards Card UnionBank Credit Card Apply Now Undo The official added that flats and houses remain in high demand, but the hike became a deterrent, particularly for the middle-income and economically weaker sections. Buyers pointed out that paying 25% upfront left them with limited liquidity and made them ineligible for loans from financial institutions, as they already had invested a substantial amount without formal loan sanction. BDA is also making renewed efforts to attract buyers. As part of this, it will host a flat expo at the Kaniminike Housing Complex on June 21, from 9am to 5pm, where available units will be showcased. Officials expect a strong turnout, especially with the rollback in deposit rates in effect. This move is expected to revive demand and restore public confidence in BDA's housing projects, many of which are located in fast-developing corridors of the city.
Time of India
3 days ago
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Bengaluru elderly man's 9-year wait for 1BHK flat turns into legal win: BDA ordered to refund over Rs 8 lakh with 18% interest
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