CWG flat sales to boost low, middle income housing

The windfall that the Delhi Development Authority (DDA) reaped in on Monday by auctioning 87 flats in the Commonwealth Games Village also means good news for you.

The windfall that the Delhi Development Authority (DDA) reaped in on Monday by auctioning 87 flats in the Commonwealth Games Village also means good news for you.

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The DDA earned a fortune of nearly R400 crore by selling the flats at an average rate of Rs. 24,000 per square feet. This money will be used to subsidise houses for those from economically weaker sections and middle income groups. It will also spell more green areas, roads and flyovers.

DDA, which owns more than 700 flats in the residential complex, had received 218 bids for 87 of the 110 flats put on auction. It has now decided to sell the rest of the flats at R24,000 per square feet and will earn more than R2,500 crore.

"DDA is a no-profit-no-loss organisation. The money earned from high-end and commercial properties are used to cross subsides low income and middle income group housing and for developing infrastructure in the city," said DDA spokesperson Neemo Dhar.

The Games Village, with 34 towers and 1,168 flats, was built through a public private partnership between DDA and private developer Emaar MGF.

This was the first time that DDA has sold houses through auction and also allowed institutional buyers, thanks to a one-time exemption. It is yet to decide whether the rest of its 600-odd flats will be sold through auction or draw of lots.