DDA Revives Land Auctions in Prime Delhi Locations
After a year-long pause, the Delhi Development Authority (DDA) is preparing to auction 60 plots across 14 prime locations in the National Capital Territory of Delhi. The auctions are slated for November 20th, 21st, and 22nd, and will feature land parcels in sought-after areas such as Pitampura, Vikas Puri, and East of Kailash. The sale process is set to commence on October 28th.
High Base Prices Set for Auctioned Plots
All 60 plots up for bidding boast base prices exceeding ₹1 crore. The DDA's decision to implement these higher starting prices is anticipated to influence and potentially elevate property values in the surrounding areas. This strategic move comes at a time when the real estate sector is experiencing a period of relative stagnation, with investor interest remaining somewhat subdued. Despite this current market climate, the governmental body has opted for an aggressive approach in marketing its land holdings for this auction. The authority is now planning to take a bigger role in the realty market.
Recent Auction Trends and Upcoming Offerings
In a recent Janakpuri auction, the DDA sold a plot for ₹42,000, contrasting with prevailing per-square-foot rates ranging between ₹45,000 and ₹50,000 for new housing units developed by private entities. This pricing strategy showcases the DDA's competitive positioning within the market. Looking ahead, the authority plans to further solidify its presence in the real estate landscape with the upcoming auction of a 70 sq mt plot in Yamuna Nagar for ₹1.47 crore and a 357 sq mt plot in Janakpuri with a starting price of ₹15.74 crore.
Notable Properties and Auction Details
Several other prominent properties are included in the upcoming auction lineup. A 270 sq mt plot in Jasola carries a base price of ₹13 crore, while a 245 sq mt plot in Pitampura has a starting price of ₹10 crore. Additionally, a 355 sq mt plot in Dwarka will open at ₹11 crore. DDA land auctions were a regular occurrence until approximately a year ago, when frequent changes in senior management led to a temporary suspension. Further residential properties have been earmarked for future auctions and are expected to be brought to market in the coming months.
