Delhi Metro to build flats in Janakpuri and Okhla
NEW DELHI: The builder of Delhi’s lifeline will build homes for the city’s residents, too.
The Delhi Metro Rail Corporation (DMRC), which gave the national capital its most efficient mode of public transport, will build 443 flats near the Metro stations in Okhla and Janakpuri.
These flats are likely to cost between Rs 80 lakh and Rs 1.2 crore, depending on the size that will range from 900 square feet to 1,300 square feet.
“We have identified two plots … In Okhla, we plan to construct 93 flats and 350 in Janakpuri. The project will have 2BHK and 3BHK flats, and be delivered within two years,” a senior DMRC official said.
The DMRC flats will be cheaper. In Okhla, the market rate for a 1,250sq-ft apartment built by the Delhi Development Authority is around Rs 1.5 crore. A similar flat in Janakpuri fetches Rs 1.2 crore.
Brochures and forms to apply for the DMRC-built homes will be available in December.
“These flats will be allotted through a draw of lots. People can register once we open the process,” the official said.
The DMRC had built residential apartments in Dwarka, Yamuna Bank, Saket, and Shastri Park, but these were allotted to only its employees.
The agency’s decision to enter the Capital’s lucrative real estate market was probably prompted by its inability to sell commercial space at Metro stations across the National Capital Region. Delhi Metro has not been able to achieve 88% of its target revenue from selling station space.
It is now hoping to earn at least Rs 500 crore by selling flats.
Besides, it plans to reissue tenders for space lying vacant at Metro stations. An internal survey revealed that there have been no takers for almost 100,000 square metres of space — enough to construct 1,000 shops — at stations.
The DMRC has also planned to build a commercial complex near Jantar Mantar in the heart of the city to rent out to offices. An official said a new government policy has enabled construction of high-rise buildings.