To meet the huge gap in mid segment housing in the price band of Rs 10,000 per sq ft, the Rail Land Development Authority (RLDA) has decided to monetise two of its land parcels spread across 10.76 hectares located in North Delhi’s Ashok Vihar area, RLDA sources told Moneycontrol.
The bids for the two land parcels measuring 10.76 hectares (approximately 26.58 acres) – the western side measuring 7.87 hectares and the eastern side measuring 2.89 hectares – are open from October 4.
The reserve price of the land is Rs 1,280 crore, and the lease period is 99 years. “A pre-bid meeting has taken place. The last date of submitting the e- bids is December 11. The bids will be opened on December 18,” Ved Prakash Dudeja, Vice Chairman – RLDA, told Moneycontrol.
As much of 80 percent of the land can be utilised for residential development, and 10 percent can support commercial retail and 10 percent community facilities, he said.
The development format chosen by RLDA is the Upfront Lease Premium model. Under this model, the commercial consideration of land premium is to be paid to RLDA in eight installments over seven years, with a two-year extension option.
Approval plans may take six to eight months, with construction beginning by the middle of next year, he said, adding consortium participation would be allowed.
“A long term lease of 99 years would be given to the developer entity or the successful bidder. The commercial consideration of land premium is to be paid to RLDA over eight installments over seven years with the option of two more years of extension. The reserve price for lease premium on land area of 1,07,620 sq m with effective FSI of 2.30 is Rs 1280 crore,” he said.
The entire land parcel, of which the existing land use is residential, can support 2.66 million sq ft built up area.
“The applicable FAR is 2 with potential of over 2.66 million square feet of built up area with additional 15 percent of the maximum permissible FAR for mandatory EWS housing is available over and above permissible FAR resulting in gross availability of FAR to 230,” Dudeja said.
The 10.76–hectare land parcel is surrounded by green spaces on three sides. It is located close to the Netaji Subhas Place and Pitampura metro stations.
This is expected to be an integrated residential development. DDA has granted an in- principal approval for the site under redevelopment norms of MPD 2021. RLDA has applied for NOC for tree felling existing at Ashok Vihar Site from Forest Department, government of NCT of Delhi.
Further, Northern Railway has identified land parcels at some locations in Delhi region for compensatory tree plantation, he said.
Besides mid-segment housing, the developer entity will have to construct 135 Type I/II railway quarters. the additional space has been reserved measuring 0.52 hectares adjoining RITES colony and Type III railway quarters have also been earmarked.
The additional floor area of minimum 400 sq m, or at the rate 0.6 percent of permissible FAR, shall be allowed to cater to community needs such as community, recreational hall, crèche, library, reading room, senior citizen recreation room, club and society office.
The developer will also have to ensure that minimum 15 percent of the proposed FAR to be constructed for Community-Service Personnel or EWS and lower category. A half of the EWS housing stock will be retained by the developer and disposed only to the apartment owners at market rates to house Community Service Personnel (CSP) working for the residents or owners of the group housing.
The remaining 50 percent of DUs developed by DE will be sold to DDA for EWS housing purpose will be sold to DDA or local bodies at base cost of Rs 2,000 per sq ft.
Earlier, RLDA called for bids for its 15.2 hectare land parcel located in the heart of the capital, within 1.5 km of the Karol Bagh metro station and the Kishanganj railway station. The reserve price of the land was Rs 1,862 crore and the lease period is 99 years. The last date for the bid has been extended until November 29.
RLDA is also in the process of preparing a detailed project report (DPR) for projects in Mumbai, Chennai and Katra in Jammu.
“In Mumbai, we are redeveloping railway colonies. We have land parcels in Tamil Nadu & Hyderabad or PAN India,” he said, adding all these are located in prime locations.
Dudeja said that bids for all these would be opened in the next two-to-three months.
vandana.ramnani@nw18.com
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