Commonwealth Games Village flats soon to be auctioned

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By Accommodation Times News Service

The famous Commonwealth Games Village which got into controversy may soon be up for the sale to the public through e-auction. Delhi Development Authority has made a presentation to the union urban development to push for urgent disposal of the remaining flats. DDA has 374 ready to move in flats that have been just constructed and not allotted.

How many of these would be put up for auction is not yet clear but sale of these flats is now a priority for DDA and the ministry.

In the presentation, DDA proposed that the auction could either be held by the urban development ministry or the authority. DDA had sold 74 apartments in the first public auction in 2012 and 96 flats were allotted to central government departments.

Subsequently, the UD ministry took over the authority to dispose of the flats. No more flats have been auctioned since, though DDA has chosen to designate 45 of these as the authority’s staff quarters and has given Delhi government 60 flats.

DDA officials are upset over the inactivity shown by the ministry in holding auctions of the remaining flats. They feel the sale will not only bring in more revenues, the greater inhabitation in the area will help in better maintenance of the premium CWG village space.

“It is true that we have requested the secretary (UD ministry) to give us permission to e-auction flats in the village,” said DDA vice-chairperson Balvinder Kumar, confirming the development.

Sources in the ministry said the issue is being deliberated upon and a decision can be expected soon.

At the 2012 auction, two to five-bedroom flats were offered for Rs 3.5crore to 7crore, respectively. The market value of the five-bedroom flat right now is said to be around Rs 12crore. DDA had made tremendous gains through the auctions then by selling the flats it had purchased for Rs 11,000 per square feet in 2009 from Emaar and selling it for Rs 22,000 per square feet. The per-square-foot price of developed space at the village is currently estimated to be Rs 26,000.

In January this year, DDA approved allotment of 60 flats to Delhi government, payment for has not been received, DDA officials say. In March, DDA decided to take over 45 flats and use them as staff quarters.

 







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