DMRC to offer flats from May

Scheme for 550 flats in Janakpuri and Okhla; cost between ₹60 lakh and ₹1.2 cr

April 12, 2017 12:42 am | Updated 12:42 am IST - NEW DELHI

Known for providing the most comfortable and reliable public transport system in the Capital, the Delhi Metro Rail Corporation (DMRC) will soon also offer flats to Delhiites.

DMRC is going to offer two-bedroom and three-bedroom flats in the city in a housing scheme, modelled on the housing schemes of the Delhi Development Authority. The total number of flats on offer is 550 and successful applicants will be chosen through a draw of lots.

Delivery by 2019

“The housing scheme will be launched in May this year and the flats will be located in Okhla and Janakpuri,” a DMRC spokesperson said. The brochures and forms for applying for the housing scheme should be available by the end of this month or early May.

“The construction of the flats will take about two years and we plan to deliver the flats by 2019,” said a senior DMRC official who didn’t wish to be named. “The prices of the two-bedroom and three-bedroom flats will vary between ₹60 lakh and ₹1.20 crore,” he said. The flats will come up near the Okhla and Janakpuri (West) metro stations of DMRC and sites for developing the flats have already been chosen.

Commercial loses sheen

The number of flats on offer at Janakpuri will be 460 while 90 flats will be on offer in Okhla. In an earlier interview with The Hindu , DMRC Managing Director Mangu Singh had said that the DMRC is now concentrating more on developing residential schemes than commercial ones since the corporation has realised that the former helps with more upfront money while the latter only generates rental income.

Unstable revenue

Property development is one of the key components of non-fare revenue generation for DMRC. While DMRC has been known for developing properties for commercial use, this would be the first that the corporation will be venturing into residential development for sale. A senior official said that of late, the revenue generation from commercial properties have not been satisfactory and is fluctuating. On the other hand, there is a higher demand for residential properties and the one time revenue is generated in bulk, instead of the unsteady rental income from commercial properties.

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