More Than 370 Games Village Flats Up For Sale – Mail Tody – 22-Nov-2014

November 24, 2014 - Uncategorized

Here’s another opportunity to grab a dream home in one of the most sought after residential addresses in Delhi – the Commonwealth Games Village.

Nearly 375 ready-to-move flats are set to undergo auction by the next month with the Delhi Development Authority (DDA) getting the possession of flats from the Ministry of Urban Development. However, the two- to five-bedroom flats at the CWG Village will come at a whopping cost. People might have to shell out Rs.5 crore to Rs.12 crore for the flats that were in 2012 offered for Rs.3.5 crore to Rs.7.3 crore.

DDA vice-chairman Balvinder Kumar confirmed the development. “The UD Ministry has handed over the flats to DDA. The flats are ready-to-move and will be auctioned by mid December. The flats will be sold out through e-auction,” Kumar told MAIL TODAY. He said the minimum reserve price for the flats will be fixed keeping in view the price during the last auction and the current market value of the property. Sources said the developed space at Games Village is priced around Rs.30,000 per square foot and accordingly a five-bedroom flat will be available for nearly Rs.12 crore. Similarly, a two-bedroom flat will cost around Rs.4.5 crore to Rs.5 crore.

The auctioning of flats will earn the housing agency huge revenue, particularly in wake of allegations that the DDA had suffered monetary losses by purchasing properties from Emmar at Rs.11,000 per square feet in 2009.

Even the Shunglu Committee Report had rapped the DDA for buying the flats from the private developer which, the report alleged, was aimed at bailing out the company. DDA had bought 333 flats from Emaar MGF at Rs.11,000 per sq ft by spending Rs.769 crore in all. The DDA had sold 74 apartments in the first public auction in 2012 and 96 flats were allotted to central government departments. Subsequently, the UD Ministry took over the authority to dispose of the flats. However, no flat could be sold out, which forced the DDA to approach the Centre seeking possession of the flats.

In the meantime, DDA designated 45 of these flats as the authority’s staff quarters while it allotted 60 flats to the Delhi government.

In July this year, the officials made a presentation before the UD Ministry urging it to either auction the flats or hand over the possession to DDA. The authority also cited urgency involved in auction of the flats, saying this will not only bring revenue to propel development works but also help in better management of the CWG Village.

A senior DDA official said the flats at the Games Village will also be available for public service undertakings and government agencies.

In the last auction in 2012, the highest bid received at the auction was of Rs.7.32 crore at the rate of Rs.24,137 per square foot. The minimum reserve price was fixed at Rs.5.22 crore (Rs.17,205 per square foot). This was increase of 40.23 per cent. The five-bedroom flat at Tower 14 was auctioned to Delhi State Cooperative Bank Limited. The highest rate offered was actually Rs.24,195 per sq foot for another flat in the same tower but since its area was smaller, the final amount was Rs.7.27 crore.

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