Builder wants to buy back flats sold to authority

Emaar MGF, the private developer that has built the Commonwealth Games village, now wants to buy back the 333 flats it sold to the Delhi Development Authority (DDA), as part of a bailout package, during the economic downturn last year. HT reports.

Emaar MGF, the private developer that has built the Commonwealth Games village, now wants to buy back the 333 flats it sold to the Delhi Development Authority (DDA), as part of a bailout package, during the economic downturn last year.

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"Emaar MGF now wants to buy back the flats but they can only be disposed of six months after the Games are over,” DDA vice-chairman Ashok Kumar Nigam said.

"We plan to sell the flats at much higher rates and already have requests from many PSUs,” he added.

Last year, DDA had provided a bailout package of Rs 766.89 crore to the developer by purchasing 333 flats.

The private developer had been hit by the economic slowdown, which had been a worldwide phenomenon.

This is apart from the one-third flats that the DDA will get as part of a per public-private partnership (PPP) agreement.

While the DDA had been assigned the job of constructing the Commonwealth Games village to house 8,000 athletes and Games officials, Emaar MGF had been selected as the developer.