NEW DELHI: After a gap of one year, Delhi Development Authority (DDA) has decided to put several plots under the hammer. Over 60 plots, in 14 different prime locations, will be auctioned at Dwarka, Pitampura, Vikas Puri, East of Kailash, Vivek Vihar etc on November 20, 21, 22, said a DDA official. The sale of brochures will begin from October 28.

DDA has chosen to initiate the auction with a high base rate, which is likely to increase the property rates in these areas. All 63 properties going under the hammer are priced above Rs 1 crore.

“With the realty market witnessing a correction in prices and the investors not showing much interest, DDA has chosen to pitch their properties aggressively. At Janakpuri – where property rates usually range from Rs 45,000 to Rs 50,000 per square feet – DDA has begun auctioning the plot at Rs 42,000 to compete with the 12 bedroom park facing builder built property,” said Kapil Kalra, a city-based property dealer.

From a 70sqm plot in Yamuna Vihar to get under the hammer at Rs 1.47 crore, to a 357sqm plot in Janakpuri which will open at Rs 15.74 crore, the authority plans to take on the big players in the realty market.

For investors, some prime properties

include a 270sqm corner plot in Jasola which faces a 24m wide road and has a base price of nearly 13 crore; two 355sqm corner plots at around Rs 11 crore at Dwarka Sector-17, a 245sqm corner plot at Pitampura starting at Rs 10 crore; and a 357sqm corner plot at Janakpuri starting at Rs 15.74 crore.

Property auction used to be regular feature at DDA till a year ago. But after the top management was shuffled repeatedly – thrice in the past one year – the auctions were put on hold. After a long gap, DDA had auctioned 54 commercial properties in the city on October 8. Senior DDA officials say that more residential properties are being marked for auction and will also be put up for sale in batches in the coming months.

http://economictimes.indiatimes.com/markets/real-estate/news/after-a-year-dda-to-auction-60-plots-in-november/articleshow/24416560.cms