DMRC plans apartments along metro corridors

DMRC Apartments
In an attempt to cash in on the rising demand for flats in the capital, DMRC has decided to build residential property and has identified two land parcels near the metro stations in Okhla and Janakpuri. In Okhla, it plans to construct 93 flats and 350 in Janakpuri. These flats, which will be allotted on the basis of a draw of lots for which people can register once the process starts, will have 2BHK and 3BHK units to be delivered within two years, official sources said, adding that these flats are likely to cost between Rs. 80 lakh and Rs. 1cr.

It may be recalled that DMRC had previously constructed residential apartments in Dwarka, Yamuna Bank, Saket, and Shastri Park, allotting only to its employees. In the prevailing scenario in the country's realty sector, DMRC's revenue generation through property development in the second and third phase has fallen short by Rs. 2,205-cr and is now hoping to earn at least Rs. 500-cr by selling the upcoming flats. In fact, Delhi Metro has not been able to achieve 88%of the targeted upfront money that was supposed to come via property development. Apart from this, DMRC will also re-issue tenders for properties lying vacant near metro stations. An internal analysis has revealed that good enough space of almost 1 lakh sq. mt. to construct 1000 shops is lying unused across metro stations.

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