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E-auction of 152 CWG flats: How NRIs can buy a premium living space in Delhi

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By Tripti Rai

The PIOs and NRIs searching for premium living spaces in Delhi now have a reason to applaud. Delhi Development Authority (DDA) with its plans to publicly sell around 152 ready to move-in flats in the CWG Village in June, 2015 has given the buyers something to look forward to.

The announcement for the online auction noticeably mentions that the bids have been invited from PSUs, firms, PIOs, and, NRIs in addition to the individuals. Interested people can visit the DDA’s e-auction portal: www.auctionwizard.in/DDA from 25th May, 2015.

DDA has estimated a reservation cost of Rs 7 crore for every 3 BHK flat. Yet, seeing the demand for a property in the New Delhi and National Capital region, the closing price can be expected to be well above the reservation cost, as suggested by the real estate experts.

The 152 ready to move in flats are 3BHK units and have a base area of approximately 3,000 sq ft. The present value of flats varies in the range of Rs 18,000 and Rs 23,000 PSF. According to Balvinder Kumar, the vice chairman of DDA, base price of the flats is estimated at Rs 3, 15,320 sq. m. The reasons like amenities, location advantage, and, large BUA are certainly going to attract the niche buyers searching for the high-end housing segment in the city.

Remarking about the price of property and buyers’ curiosity on the DDA online auction, Aman Nagar, Director of Paras Buildtech says that because of the prime location and the luxury factor linked with the flats, the price range set by DDA is right.

The total earning for DDA from the sale is expected to be over Rs 1,000 crore.

While this auction was deliberated some years back itself, Delhi Government’s plea in 2012 to occupy 60 flats for its official housing pool had postponed the plans earlier.

In the year 2009, DDA spent approximately Rs 11,000 PSF to develop the CWG flats. Out of all, 74 of these units were sold at a rate of Rs 22,000 PSF in the last auction that was held in 2012. The intention of DDA then was just to inspect if or not the auction receives a favorable response at all. The other lesser told purpose was to get clear of the inventory. At that time, the highest bid that DDA received then was of Rs 7.32 crore at a rate of approximately Rs 24,137 PSF.

But with the announcement of selling the 152 premium flats, the government has surely given a reason to the city’s property seekers to rejoice.

The formal advertisement of the auction is probably going to be aired from next week, giving the interested bidders enough time to index themselves for the event. The authority expects to close the sale by last week of June.

(Tripti is a writer for 99 acres.com. Her articles talk about new developments in the real estate industry. She is an avid reader and a keen observer.)

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Megastar Amitabh Bachchan Considers Delhi As His Home

The 75-year-old cine icon, who has a Delhi residence called "Sopaan", wore a black pathani suit with a navy blue bandhgala

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Actor Amitabh Bachchan
Actor Amitabh Bachchan. ians

A huge crowd of fans — from every nook and corner of the city and NCR — waited for hours to catch a glimpse of megastar Amitabh Bachchan, who took to a stage at a south Delhi market on Friday with wife Jaya and daughter Shweta Bachchan.

The Bachchan family, minus Abhishek Bachchan and Aishwarya Rai Bachchan, was here for the launch of a Kalyan Jewellers showroom at the South Extension market.

A stage was set up facing the main road, where people came out in large numbers to watch Bollywood’s “Shahenshah” and hear him say some words. Whether it was Noida, Gurugram or even Saharanpur, people travelled from various places to make the most of the chance.

Amitabh Bachchan
Consider Delhi like my home, says Big B as fans cheer.

Overwhelmed by the turnout of fans, Big B told the crowd: “I thank everyone for coming here. You all have come out in great numbers. I consider Delhi like my home, and you all are family members to me.”

His words drew a loud cheer and applause from the audience members, some of whom waited for long, braving the heat. The buzz about the event had been made via newspaper ads and radio announcements.

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The 75-year-old cine icon, Amitabh Bachchan, who has a Delhi residence called “Sopaan”, wore a black pathani suit with a navy blue bandhgala, while Jaya looked elegant in a traditional Kasavu sari. Their daughter Shweta aced the fashion game in a bright yellow sari teamed with traditional polki jewellery. (IANS)

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