Residential plots for NRIs

Delhi Development Authority is inviting NRIs and PIOs to participate in its auction of 105 residential plots in South Delhi in October 2004.

Delhi Development Authority (DDA) is inviting Non-Resident Indians (NRIs) and Persons of Indian Origins (PIOs) to participate in its auction of 105 residential plots in South Delhi in October 2004.

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This initiative is in lines with guidelines approved by Reserve Bank of India under the Foreign Exchange Management Act (FEMA).

DDA has also allowed public and private sector banks to participate in the auction to bid for the land and construct residential buildings for their employees.

The auctions of these plots will take place on October 18, October 20 and October 26, 2004 at the Auction Hall of DDA in Vikas Sadan, New Delhi. Out of the 105 prime residential plots identified for the auction - 92 plots are in Jasola, 9 in Green Park, 2 in Safdarjung Enclave and one each in East of Kailash and Saket.

DDA has clarified that these plots are strictly for residential purposes and not for any commercial activity. Anybody bidding for the plots should, therefore, take the necessary precautions not to violate these rules.