Delhi Metro to foray into residential real estate development

The Delhi Metro Rail Corporation (DMRC) is all set to venture into the residential real estate market and will soon put up over 500 flats, in the Rs 60 lakh to Rs 1 crore range, for sale. A senior DMRC official said the Metro has initiated the process on this front and people will be able to book a flat, which will come up in Janakpuri and Okhla area, in a month or two.
Around 460 flats would be built in Janakpuri while 90 in Okhla, tentatively within two years. Plots have been identified but the construction work has not yet started. Metro will soon make a formal announcement of the project. The official said DMRC will follow the model of the Delhi Development Authority (DDA) in selling the apartments, which essentially means that the allotment will be done through a lottery. Fifteen per cent of the flats, which will be a mix of 2-BHK and 3-BHK, would be reserved for the economically weaker section, metro said, adding that the brochures are likely to be out within a month.
This will be the metro’s maiden foray into the residential real estate market. It is already into property development and also has a number of staff quarters.
By: Housing.com/news