The residents of Indian capital Delhi will soon have another housing option apart from DDA housing projects. The Delhi Metro Rai Corporation (DMRC) has conceptualized a housing scheme in Janakpuri West, which is likely to become operational in 2019.
Latest Update – DMRC Housing Scheme 2017 to Start in May for 550 Flats in Okhla and Janakpuri
According to the source, the project has a proposal of constructing around 350 flats for which the plan awaiting for the approval from Centre.
In the earlier residential projects, it had given land to a concessionaire for building apartments and selling it to the public and this time, the DMRC is going to construct a residential complex on its own. 29-storey building to be constructed in which flats will be available for allotment.
According to the statement of S.D. Sharma, the Director (Business Development) of DMRC, the size of plots will be 1.18 hectare which is a residential land. Of total, 70 percent land will be used for constructing flats, 20 percent for commercial purposes and the remaining 10 percent will be used for other purposes. The project proposal will be sent to the Ministry of Urban Development for its approval.
The DMRC has not yet decided the cost of flats, but the allotment will be done through computerized draw similar to that of DDA. The units will be constructed over a floor-area ratio of 400, which is in accordance to the latest Transit-Oriented Development (TOD) guidelines.
It is after eight year that the Delhi Metro Rail Corporation is introducing itself into the housing sector.
“In 2008, the PMO had expressed concerns over how allowing houses to be built for the public would mean letting land parcels slip away from the government’s possession. Residential leases are always given for 90 years or more. So, we had to restrict ourselves to commercial development,” said Mr. Sharma.
Around 20 plots of size 3,000 square meter has been identified by DMRC, will be developed into mixed-used societies under the TOD norms. For all the other projects, it is going to introduce the system of e-auctioning like the DDA.
DMRC housing projects are located into multiple area including Khyber Pass (Civil Lines), Vishwavidyalaya, Dwarka Mor, Subhash Nagar and Rithala. The possession process of flats is running in all the projects except the Dwarka Mor project, where work has been affected due to a dispute in construction.
It is pertinent to note that it is almost impossible for the DMRC to meet its property development revenue target of Rs. 2,505 crore only through commercial projects.
On this, the senior official metro official said that the limitation is that the entire money is not recovered at the beginning. But, in residential projects, we earn a lot of upfront money because the developer collects bookings in advance from the end user. The builder is, therefore, ready to give us that money at the beginning, which we can use for construction.
Source: https://www.thehindu.com/