Delhi Development Authority to auction hotel sites
The Delhi Development Authority will auction ten hotel sites on September 25, 2006. Going by the reserve prices, the DDA will stand to make around Rs.2,699 crores at the very least.
Plum plots that are expected to fetch two thirds of the total sum are located in Dwarka. Although the reserve prices of these plots are believed to be quite high, it is also expected that they will be beaten by a huge margin in the actual auction if the records of DDA's previous land auctions are anything to go by.
In March this year, Emaar-MGF had bid more than 200 per cent of the reserve price for two hotel sites auctioned by the DDA in Jasola. Besides, the proximity of Dwarka to the airport as well as its connectivity with the Delhi metro makes the location of the hotel sites very attractive.
Four plots in Dwarka command the following reserve prices. A plot of 7.39 acres (321605.64 sq ft) has a reserve price of Rs 723.10 crore and a plot of 6.06 acres (263996.6 sq ft) has a reserve price of Rs 592.73 crore. This works out to Rs 15,927 per sq. ft. and Rs 15,928 per sq. ft. respectively.
A smaller site of 3.36 acres has a reserve price of Rs 233.13 crores while a 3.8-acre site carries a tag of Rs 263.38 crores, respectively.
The other sites being auctioned by DDA include a 1.51-acre plot with a reserve price of Rs 45.79 crore in Shalimar Bagh, a 3.25-acre plot (Rs 304.01 crore) in Paschim Vihar, 1.94 acres (Rs 145.74 crore) in Rohini Twin District Centre, 1.76 acres (Rs 48 crore) in Rohini Manglam Place, as well as two plots of 4.94 acres (Rs 244.3 crore) and 2.09 acres (Rs 68.95 crore) in Shahadra.
By INRnews Correspondent
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