Mkt forces usher in good times for DDA

Aruna P Sharma

New Delhi, November 8

The sole development agency in the city, the Delhi Development Authority has been raking in moolah for over a year by selling commercial and residential land at never-heard-of prices. If the Vasant Kunj Mall sold off for Rs 1,100 crore, the residential plots auctioned off last month fetched over Rs 142 crore.

DDA Vice Chairman Madhukar Gupta said that better flow of institutional finance, overall buoyancy in real estate prices and throwing open the auction of residential plots to institutions and corporate bodies have had a combined effect. Hence there is better realisation of capital value of land. The high bids received during auction is also indicator of high availability of disposable income with people, the vice chairman said.

This also shows that there is high demand for residential accommodation in the city, Gupta said, while adding that even the two MIG and HIG housing schemes floated this year has met with very good response.

As for commercial land, DDA has been able to realise high value because development control norms and land development is tailored to suit the market demand. Sale of land is always preceded by meetings with investors and consultation with real estate developers.

Their suggestions are incorporated in the plans.

Even the twin district centre at Rohini and Dwarka district centre are being developed keeping market demand in view, Gupta said