The Delhi Development Authority (DDA) has generated Rs 1,321.2 crore through the e-auction of 142 properties situated in prime locations across the national capital. This substantial revenue underscores the robust demand for strategically located land and growing investor confidence in Delhi's real estate market, according to officials.
Auction Details and Revenue
The auction, which took place recently, involved a diverse portfolio of properties. Among the 142 plots, 24 were freehold residential plots, 21 were designated for industrial use, 10 were institutional plots, and one parcel was allocated for a group housing project. Additionally, 57 plots were auctioned for built-up shops, while others were earmarked for multi-level parking lots and kiosks. Sixteen plots were designated for commercial use, and one plot in Dwarka was specifically for a food court.
The bidding process proved highly successful, generating over 175% revenue above the aggregate reserve price of Rs 480.4 crore. This outcome reflects the increasing demand for well-located land and the heightened trust investors have in Delhi's real estate sector, officials noted.
Highlights of the Auction
One of the most sought-after properties was a commercial land parcel in Karkardooma's Pocket 21-22. It attracted 36 bidders and achieved a value more than ten times its reserve price. Another institutional plot in Karkardooma (Plot No. 3A) was the most-bid-for property, drawing 20 bidders and receiving a total of 3,160 bids during the auction process.
“The robust bidding for the Karkardooma properties serves as a market endorsement of the area’s development potential, with investors displaying significant confidence in its long-term growth prospects and strategic connectivity,” an official said.
Other Key Decisions in the Review Meeting
During a review meeting with Lieutenant Governor TS Sandhu on Wednesday, the DDA also shared details of other approvals. The LG approved the transfer of land to the Delhi Metro Rail Corporation (DMRC) for installing a lift at the Rohini West metro station. This move aims to ease the ordeal faced by patients and their attendants while visiting Dr Baba Saheb Ambedkar Hospital in Rohini.
Additionally, the LG gave his approval for the allotment of gram sabha land for a 66 KV solar pooling substation in south-west Delhi's Issapur village. This decision is expected to accelerate Delhi's clean energy infrastructure. “The land has been allotted to the power department, GNCTD, on a lease for a fixed tenure of 99 years,” the authority said.
About the Author
Vibha Sharma serves as a Senior Assistant Editor at The Times of India, with 18 years of experience in journalism. She has carved a niche in civic affairs and urban infrastructure reporting, delving into fundamental aspects of urban administration including sanitation, taxation, city planning, infrastructure, and environmental sustainability, while examining Delhi's grassroots operations.
