The Delhi Development Authority (DDA) is cashing in on the real estate boom in the city. Encouraged by the response shown by big corporate houses like Reliance to its commercial plants, the agency is now planning to hold another auction for 37 commercial plots across the cit. The March 23 auction will be the last one in the current financial year 2006-07.


The plots are located at Rohini, Nehru Vihar, Shalimar Bagh, Jasola, Mayur Vihar , Kalkaji , Alaknanda, Motia Khan, and Dwarka Sector 4. The reserve price of these plots varies between Rs 6 crore and Rs 296 crore.

Despite the high reserve price, the DDA is expecting a good response. "In the aftermath of last year's sealing, the demand for authorized commercial plots in the city has automatically gone up. We are obviously expecting a good response,"said Asma Manzar, DDA's housing commissioner.

Some of the 37 plots to be auctioned are big - the largest plot located in Jasola is of 9,556 square metres.The reserve price of this plot is Rs 164 crore.

Prior to this, on January 17, the agency earned Rs 1696 crore for 53 commercial plots.

The auction also saw the entry of corporates giants like Reliance in the retail market. The three day auction saw aggressive bidding by Nettle Farms Private Limited, a subsidiary of Reliance Industries buying seven big plots in Dwarka, Rohini, and Vikaspuri for Rs 1,052 crore.

In December last year, the agency had auctioned 24 commercial plots for Rs 982 crore. A report prepared by the Housing and Urban Development Corporation Limited (HUDCO), which was submitted to the Union Urban Development Ministry last year, had said that the DDA had managed to provide commercial space to the extent of only 16 per cent in the Capital. The report has said that the gap had resulted in high speculative prices, which had necessitated the use of residential properties for commercial usage.


Source : Hindustan Times
Read more
Reply
0 Replies
Sort by :Filter by :
No replies found for this discussion.