DDA i.e. the Delhi Development Authority plans to organize an online auction of residential plots in October to unlock the land parcels and also to develop state-of-the-art housing at affordable prices in the city.
The authority believes that the auction process will open opportunities to build quality housing as the allotment will be done to the group housing societies and the realtors can also participate in this e-auction.
In a meeting, presided by lieutenant governor Anil Baijal, a proposal was tabled and then approved to dispose residential plots to the group housing societies via e-auction.
All individuals, partnership firms, private and public limited or consortium with necessary funds to buy land for developing project can participate in this e-auction. CGHS i.e. the Cooperative Group Housing Societies can also bid for the plots.
DDA has subjugated housing in Delhi for a long time but now private developers can also foray into the market. The authority feels that this will increase competition resulting in the development of residential units with improved construction and modern amenities at a budget-friendly cost.
Tarun Kapoor, DDA Vice-Chairman said that the authority will float advertisements for online auction close to 10th September and the auction for residential plots will take place in October. He further said that they have figured out 10 plots that cover an area of approximately 5,000 square metres each. The residential plots in Rohini will be first to be auctioned after which 50 more plots are planned to be auctioned.
But, the realtors will also have to reserve 15% of the housing for economically weaker sections (EWS), Kapoor said. According to the group housing rules under the Master Plan for Delhi 2021, the developers will also be required to keep 15% of floor area ratio (FAR) for community service personnel and EWS housing.
The developers have to offer possession of flats to the EWS section before issuing an offer of possession to other flats to the Delhi Development Authority.