DMRC Gives You A Chance To Own Homes Starting Rs 60L
This time, the Delhi Metro Rail Corporation (DMRC) is doing what the Delhi Development Authority (DDA) does for you. Come May and the DMRC will be launched a housing scheme, under which around 460 flats at Janakpuri and 90 at Okhla would be up for grabs for buyers. Units of 2BHK and 3BHK sizes priced between Rs 60 lakh and Rs 1.20 crore would thus make their way into the national capital.
While the DMRC would use draw of lots just like the DDA to allot flats, 15 per cent would be total units will be reserved for the economically weaker sections (EWS). Under this scheme, multi-storey apartments could go up to 29 storeys.
This would be in accordance with the transit-oriented development (TOD) guidelines under which a Floor Area Ratio of 400 has already been granted.
Also Read: All You Need To Know About Floor Area Ratio
Slated to be delivered in 2019, the project would be marketed as a ‘smart’ project seemingly uniting the vision of the company with that of the country - of smart cities.
“The idea is to have green buildings that are energy efficient with other green features like water recycling, etc,” Delhi Metro spokesperson Anuj Dayal was quoted by media as saying.
While property prices shot up in Delhi, more and more buyers turned towards Noida and Ghaziabad for affordable options. Now, you surely can bank upon the cost advantage if you are buying from the DMRC. 2BHK and 3BHK units, both in multi-storey apartments and independent builder floors, move in the local market for anywhere between Rs 60 lakh to Rs 7 crore, depending upon the exact location, age of the building, brand of the developer and the amenities. However, with the DMRC capping the 3BHK at a price of Rs 1.20 crore, things just started looking better.
DMRC’s experience at handling property developments
Apart from developing Metro networks and licensing commercial outlets inside and outside the stations, the DMRC is known to have provided concessions for residential and commercial developments. The DMRC’s open competitive bidding has led to developers gaining out of its 30 years’ concession scheme after which the properties would revert to the operator. Shahdara, Inderlok are some examples. Work is in progress in other locations such as Khyber Pass, Welcome, NS Place, among others.
The DMRC also has the credit of developing an information technology park at Shastri Park. The first block that employs close to 3,000 people is centrally air-conditioned and offers 24x7 power back up. The second block is nearing completion. The body is planning to build more such networks.
The DMRC has also previously leased land for residential developments in a portion of Khyber pass depot (Parsvnath Developers), at Rithala (A P Real Estate), at Subhas Nagar (Parsvnath Developers) and Dwaka Morh (Uppal Housing Pvt Ld).
Dayal also said that the DMRC was also looking to develop residential projects at Parmeshwariwala Bagh, Mundka and Dwarka Sector 21. The DMRC is getting back to housing developments after about a gap of eight years.
The Delhi Metro operator hopes to earn Rs 500 crore from this housing scheme. Reportedly, the company finds residential housing more bankable than commercial ventures since the latter depends largely on rental returns. Residential developments usually ensure more demand and swift incoming money that is further diverted into completing the project.
What we wouldn’t want to see
While the DDA has served happiness to many home buyers, its housing scheme launched in 2014 alarmed many. Basic infrastructure was missing as a result of which many surrendered their flats. Know more about it here Why Aren’t Home Buyers Happy With DDA Housing Scheme 2014. Hopefully, the DMRC doesn’t replicate this and provides accommodation in places where social and physical infrastructure is conducive.
What happens if you do not get lucky?
Prospective home buyers can fill in applications by paying an initial booking amount which would be refunded if your name doesn’t come up in the computerised draw of lots.