DDA plans to auction 60 plots shortly
The Delhi Development Authority (DDA) is all set to auction around 60 plots in the nation’s capital in the next month.
The civic authority used to frequently conduct such auctions until a year ago. But in the last year, there were some changes in the top management, because of which property auctions could not be held by the civic body.
After a year’s time, this month earlier on October 8th, the DDA had auctioned around 54 commercial properties in Delhi. And now it is getting ready for launching over 60 residential plots.
When the auction will be held?
DDA officials revealed that the dates for auction of plots have been scheduled on November 20, 21 and 22. The brochures with all necessary details about the plots and auction will be available for purchase from October 28.
Where are the plots located?
The plots that will be auctioned next month are situated in 14 different locations of the city including Pitampura, Dwarka, Vikas Puri, Vivek Vihar, Kailash East, and other prime locations.
Important properties available at auction
Some of the important plots available at the DDA auction next month include-
– a corner plot at Janakpuri with an area of 347 sq m priced at Rs 15.74 crore.
– a 270 sq m corner plot in Jasola facing a 24m-wide road which is priced at about Rs 13 crore.
– two corner plots with an area of 355 sq m each in Sector 17, Dwarka priced at Rs 11 crore.
– a corner plot in Pitampura with an area of 245 sq m priced at Rs 10 crore.
Pricing for the plots
The civic authority has been planning to auction the plots at a high base rate and this would probably escalate the price of properties in these areas. All the plots planned to be auctioned are given price tags which are higher than Rs 1 crore.
However the rates are remarkably lower than the rates that private developers have been quoting in any particular area. For instance, price per sq ft for apartments in Janakpuri presently ranges from Rs 45,000 to Rs 50,000. But the development authority is all set to auction a plot at Rs 42,000 per sq ft, which gives a very tough competition to many leading private builders are offering. A 70 sq m plot in Yamuna Vihar is priced Rs 1.47 crore and a plot in Janakpuri with an area of 357 sqm would cost Rs 15.74 crore.
The DDA has decided to cut off its plot inventory at such competitive prices as the real estate market is currently witnessing a major price correction and investors are not showing much interest in buying properties in this scenario.
More such auctions in future
Sources from DDA said that the authority will be conducting more and more such auctions in the coming months. The authority has already started working towards as the officials have been marking out more residential properties for the future auctions.
