DELHI: Thousands of prime commercial properties are up for sale in Delhi. After a gap of about one year, Delhi Development Authority is about to start selling properties in the capital. Over 50 commercial plots, six multilevel car parkings and two banquet halls have been opened up for auctions.
As an extra sop, the authority will sell all the properties on freehold basis. The huge supply of commercial space in Delhi’s real estate market is expected to bring overall prices of property down in the coming weeks.
Some of the big offerings, for which DDA will start receiving tenders on October 8, will be a 20,040 sq mt community center area in Rohini Phase-III with a base price of Rs 333 crore. Two other similar spaces in east Delhi’s Mayur Vihar Phase-I, having an area of 8773 sq mt and 9451 sq mt, and base prices of 263 and 267 crore respectively. A district centre property in Dwarka sector-11, with an area of 18,260 sq mt, is also going under the hammer with a base price of Rs 393 crore.
Tenders for 54 commercial plots in all, one shopping complex-cum-nursing home, one two-storyed parking plots, six multi-level parkings and two banquet halls will also go under hammer from October 8.
DDA, which used to auction commercial properties every two to three months, has not held a single auction in the past one year. Sources say the reason for this is the frequent changing of top level officers, including those at the vice-chairperson level, and the appointment of a new Lieutenant Governor of Delhi as well.
More commercial properties are expected to be auctioned by DDA, in batches, in coming months. Such a move is expected to bring down property rates in the city further.