DDA to e-auction CWG village flats in 40 days

Delhi/NCR
Those looking for premium apartment units in Delhi may need to watch DDA’s website because 214 flats from the Commonwealth Games village would be put up on sale here. While some final adjustments and last-minute consultations are on, officials in the Authority are now looking to carry out an e-auction of the flats within the next 40 days.

Such is the allure of the flats at present that sources say even members of Rajya Sabha are looking to get them as official residences. Delhi government and the income tax department have also asked the urban development minister to reserve some of the flats for its officials.

DDA has been looking at auctioning the remaining flats in CWG village for a while. The proposal, sent to the ministry of urban development, has been accepted only now, sources in the Authority said.

The last time DDA held auction of the flats was in 2012. “There were two motives for holding the auction then. One was to test the market and see if we can attract a good response, which we did. The second was to get rid of part of our inventory,” said a senior official of the Authority. The auction being planned now is being held for the same reasons besides an additional one in that this time around DDA wants to get the best prices, he said.

In the 2012 auction, DDA sold 74 flats to the public and 156 to various central government departments and Delhi government, besides reserving 45 flats for its own officials. After the auction, the UD ministry reserved the rights of selling the CWG flats.

The per-square-foot cost to DDA for CWG flats in 2009 was around Rs 11,000, and the Authority sold it for Rs 22,000 in 2012. Going by the trend of the last three sales at the village, the current selling price per square foot is between Rs 18,000 and Rs 20,000. The last sale at CWG village happened three weeks ago when a five-bedroom flat was sold at Rs 5.3 crore.

CWG flats, once put to auction, would be one of the most sought-after properties in the capital. Owing to their location, security and exclusiveness, there are fewer properties that would compete with CWG flats at the same price.

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/dda-to-e-auction-cwg-village-flats-in-40-days/79619.html