Government plea for CWG flats delays auction
Delhi government's request for 60 apartments here has put DDA's auction plans on the backburner
Mar 24, 2015
Source : The Times of India


NEW DELHI: Over 150 flats in Commonwealth Games Village are ready to go under the hammer, but Delhi government's request for 60 apartments here has put DDA's auction plans on the backburner. DDA had decided to conduct an electronic auction of the flats. Even the humblest of them, a 3 BHK, is expected to fetch at least Rs 5 crore.

In a formal letter sent in January 2014, Delhi government had requested 60 flats to be kept aside for its officers. While the government couldn't pay the money for the flats upfront, it had requested they be allotted first and payment accepted later. Among the flats requested were three-, four- and five-bedroom flats, going for Rs 5 crore to Rs 12 crore. The Authority accepted the request and informed the Union urban development ministry about its decision.

"The UD ministry later said it would reserve the right to decide which flats would be offered to respective government agencies. Several ministries and government agencies had placed requests. Only Delhi government's remains to be resolved, before DDA gets a go-ahead to auction," said a senior DDA official.

In December 2014, the Delhi government renewed its request for the flats. "However, by this time, no four- or five-bedroom flats were left," said the official. Earlier this year, Union urban development minister Venkaiah Naidu had approved 100 of these flats (3, 4 and 5 BHK), earmarked for allocation to chairpersons and members of various tribunals and quasi-judicial bodies.

The demand for CWG flats has been so large that even Rajya Sabha MPs are known to be lobbying to get their official residences there. This is because of the high-grade materials used in construction, security and a location which gives residents access to all parts of the city within minutes. The last time DDA held an auction of CWG Village flats was in 2012. "There were two motives. One was to test the market and see if we can attract good response, and we did. The second was to get rid of part of our inventory," said the senior DDA official. This time, the official said, DDA knows the market and wants to get best prices for its remaining inventory while it can.

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

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