INRnews - Indian Real Estate News

A recent DDA auction of 24 residential plots at Jasola earned the DDA Rs. 83.26 crores, nearly Rs. 50 crore more than the reserve price set. A 270 square metre plot in Jasola went for as high as Rs. 4.80 crore. The Jasola auction realised the highest appreciation of around 200% over reserve price. DDA also sold hotel plots in Jasola earning Rs. 338 crore versus a reserve price of Rs. 119 crore.

Developers are fast moving in. Real estate major DLF plans to build 8.4 lakh square feet of office and retail space on 3.18 acres of land in Jasola at a cost of Rs. 800 crore. According to Ajay Khanna, executive director (retail) of DLF, space is already sold out for this project slated for completion two years from now.

Other developers such as Omaxe and Taneja Developers are also planning commercial complexes such as the Omaxe Citadel on 1.7 lakh sq ft. and the TDI Center.

DDA plans to put another 50+ residential plots on auction by end of the year and perhaps two remaining commercial plots. There are two sizes of residential plots available in Jasola - 300 sq yards and 360 sq yards.  While land prices have appreciated 100% in less than two years, real estate sources see further price escalation as a lot of demand is chasing the available land.

Infrastructure buildup is lagging in Jasola with power, water, and public transportation facilities less than what is to be desired. This is not however deterring investors who expect these issues to sort themselves out in a few years time.