People in Delhi can now get their dream home from The Delhi Metro Rail Corporation (DMRC) too. While DDA was already providing homes at subsidized prices, DMRC too has started to sell homes under a housing scheme in Janakpuri. These homes will be available from 2019. While the previous residential projects were providing lands to people to build residential apartments, the new scheme will include a residential scheme that will have buildings that go as high as 29 storeys’.
Facts And Figures
The plot size allocated for this complex is approximately 1.18 hectare. The land is cleared for residential use. The DMRC plans to use 70% of it for residential flats, 20% for commercial purposes and 10% for any other purposes. The proposal for this project is scheduled to be sent to the Ministry of Urban Development to get its approval. The cost of flats is yet to be decided and the allotment of the flats will be done via a computerized draw. This draw will be similar to the DDA allotment. The residential complex is expected to have approximately 350 flats that will be built over a floor area ratio of approximately 400. This will be in accordance with the latest Transit Oriented Development (TOD) guidelines. The Delhi Metro is getting into the housing sector business after a gap of almost eight years.
The DMRC has also shortlisted approximately 20 plots made up of 3,000 square meters and above that will be developed into similar mixed use societies keeping in line with the TOD norms. For all these projects, the DMRC will be introducing a system of e-auctioning similar to the DDA. The DMRC already has housing projects almost completed at Vishwavidyalaya, Khyber Pass (Civil Lines), Dwarka Mor, Rithala and Subhash Nagar. The possession of the flats at these housing projects has already begun, except for the housing project in Dwarka Mor. This is due a slight delay in construction owing to a dispute. Another point to note is that it would be impossible for DMRC to recover its property development revenue target of approximately 2,505 crore only with commercial projects. A senior metro official commented that this was due to the limitation of the entire money not being recovered at the start. However in residential projects, the DMRC earns a substantial amount of money upfront as the developer collects bookings from the customer in advance. This enables the builder to give the DMRC money at the beginning, which can then be used for construction.