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In a first, Delhi Development Authority sells CWG Village flats at 30% discount

DDA was trying to sell about 120 premium flats in Commonwealth Games Village but was unable to do so due to high rates. About a decade ago, when the Commonwealth Games Village came up, some of the plush three-bedroom flats in the residential complex were sold for more than Rs 7 crore. DDA is now trying to find takers for unsold flats at a price of Rs 4 crore.

, ET Bureau|
Updated: Jan 13, 2020, 10.26 AM IST
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NEW DELHI: The slowdown in the real estate industry has taken a toll on the Delhi Development Authority (DDA).

For the first time, the authority has reduced flat rates by over 30%.

Officials said that DDA was trying to sell about 120 premium flats in Commonwealth Games Village but was unable to do so due to high rates. About a decade ago, when the Commonwealth Games Village came up, some of the plush three-bedroom flats in the residential complex were sold for more than Rs 7 crore.

DDA is now trying to find takers for unsold flats at a price of Rs 4 crore.

“The sale is restricted for government agencies as they had requested for reduction in price. We have reduced the price from Rs 3,41,210 per square metre to Rs 2,24,000 per square metre,” said Tarun Kapoor, vice-chairman of DDA.

DDA used to increase the price for this housing flats by 10% every year. The flat size ranges between 175 sq metre and 200 sq metre.

“The CWG Village was constructed for the foreign athletes participating in the Commonwealth Games. However, some units remained unsold due to many reasons, the most significant being the high price at which the apartments were launched. Furthermore, the demand for the apartments dropped significantly post the Commonwealth Games, resulting in a considerable drop in prices,” said Samir Jauja, founder and MD of PropEquity.

Last sale of flats in this housing society, which was once in high demand, happened in 2017. “It is a fact that market rate has gone down. It is less than the price in which we had launched in 2010. Keeping in mind the market scenario, we have reduced the price for the first time and if needed, will do it again,” said another DDA official.

Spread over 27 acres, the Commonwealth Games Village has 34 residential towers with 1,168 flats. It was developed in a public-private-partnership with DDA to house foreign athletes and officials during the 2010 Commonwealth Games. DDA owns around 700 flats in the residential complex and has been selling them in batches through auctions.

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