DDA To Auction 100 Flats at Games Village

DDA Flats-realestate

NEW DELHI: Delhi Development Authority has decided to auction 100 flats from its share at Commonwealth Games Village at a base price of Rs 16,000 per square feet. After the Delhi high court paved way for the clearance of 30 towers at the village, DDA is now awaiting a nod from its legal department to initiate the process of auctioning. According to DDA officials, the authority has also requested for an early hearing in the court so that the process can begin in the coming weeks.
Of the total 1,168 flats in 34 towers, DDA owns over 700 flats in the village. The land-owning agency will auction 100 flats first to assess the market price. “We had bought these flats from Emaar MGF at Rs 11,000 per square feet but if we add further charges and interests, the basic price for auction goes upto Rs 16,000 per square feet,” a DDA official said. The authority expects to issue advertisements for inviting tenders by next week.
The price escalation comes after the CAG report mentioned that the price of Rs 11,000 per square feet at which DDA bought 333 flats from the private developer was much higher than what was recommended by its own evaluation committee. DDA officials said the increase in price was inevitable considering the existing realty situation. The prices will go up further, an official said. “We have been getting requests from various PSUs. Once the auction is done through tendering, other flats will be allotted to PSUs.
On the other hand, Emaar MGF has already sold over 400 flats for anything between Rs 2 crore and Rs 5 crore. Though these flats had been bought in 2008 and were supposed to be sold within eight months of the Commonwealth Games getting over, buyers are still waiting to get possession of their houses. Though the court gave DDA a go ahead to give clearance to most of the towers, it will still be sometime before the issue of excess floor area ratio is sorted out. and the furniture in the flats is removed for buyers to take over.

Source: http://timesofindia.indiatimes.com

1 Comment
  1. Farah 5 years ago

    thanks for sharing such an information with us. thanks for the nice post.

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