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DDA may slash reserve price of plots to woo buyers

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DDA may slash reserve price of plots to woo buyers

Last updated: April 10 2007
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  • DDA may slash reserve price of plots to woo buyers

    Delhi Development Authority is now planning to reduce the reserve price of unsold plots to woo buyers. Also, in the next auction scheduled for the end of this month, the Authority is focusing on putting up “smaller plots” for sale.

    In March 2006, the DDA had managed to earn as much as Rs 1.25 lakh per sq metre and plots sold for three times the reserve price. However, this time round, of the seven hotel plots put under the hammer on March 22, only two were sold. These plots were approximately 3,000 sq metre in size. Among those that were not sold were plots at Dwarka — at reserve prices of Rs 77,000 per sq metre. But DDA officials said that now they will bring the reserve price down by about 10 per cent. Alongwith this, about 11 smaller plots, approximately 1,000 to 1,500 sq metre in size, will be put up for auction. These plots are located in Harinagar, Vivek Vihar, Anand Vihar, Patparganj .

    In comparison, Noida and Gurgaon have been faring far better. While Noida last week managed to draw in buyers from London and New York, Gurgaon created a record of sorts with a hotel plot sold at 1.7 lakh per sq metre.
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