Delhi Development Authority Schemes & Projects – DDA News”>Delhi Development Authority is all set to woo home buyers by auctioning about 375 flats in Commonwealth Games Village in Delhi. There are about 375 two to five bedroom flats which have been handed over by the urban development ministry to DDA for auction in a recent development.
The Delhi Development Authority Schemes & Projects – DDA News”>Delhi Development Authority will auction the flats through e-auction mode by mid December. The prices of the flats will be higher than the prices of flats auctioned in 2012. This time the flats will cost between Rs. 5 Crore to 12 Crore. The flats are in ready-to-move condition and will be auctioned by mid December.
However the prices of the flats have not been yet fixed but the reserved prices will be fixed based on the prices in last auction and current value of the property. According to some sources, the developed space at CWG village is available at about Rs. 30,000 per square foot which leads to about Rs 12 Crore for 5BHK and 4.5 to 5 Crore for 2BHK flat.
The demands of flats in this very much sought after location is very high and Delhi Development Authority is going to earn a huge revenue by auctioning the flats. DDA bought properties from Emmar at Rs. 11,000 per square feet in 2009 and had suffered huge losses. DDA bought 333 flats from Emmar MGF in 2009 for a whopping Rs 769 Crore out of which DDA sold 74 flats in public auction in 2012 and allotted 96 flats to the central Government departments.
DDA allotted 60 flats to the Delhi Government and 45 to the authority’s staff members in the meantime. According to DDA, the auctioning of flats will not only bring revenue to the Authority but will also help in better management of CWG village. According to a senior official, the flats in CWG village will also be available for public service undertakings and government agencies.
DDA received a highest bid for a 5 bedroom flat from Delhi State Cooperative Bank Limited of Rs 7.32 Crores at a rate of Rs. 24,137 per square foot in 2012 against a minimum reserved prices of 5.22 Crores at the rate of Rs. 17,205 per square foot, an increase of 40.23 percent. However, the highest rate offered was Rs. 24,195 per square foot but since the area was less and the final amount was 7.27 Crore.
Source: https://www.indiatoday.in/india/story/commonwealth-games-village-flats-up-for-sale-228178-2014-11-22
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