Delhi Development Authority's hotel plot auction a damp squib
New Delhi, September 25, 2006: Of 10 hotel plots that the Delhi Development Authority (DDA) put on auction on Sep 25, only one was sold. The Mangalam Place, Rohini plot of 7,127 square metres sold for Rs. 48.05 crore, only marginally above the reserve price of Rs. 48 crore.
Unsold plots include two parcels of above 24,000 square feet in Sector 14, Dwarka, and smaller plots in Sectors 10 & 13 Dwarka, District Centre Paschim Vihar, District Centre Rohini, and Shahdara CBD.
While DDA officials are analysing the reason for the poor auction results, market sources indicate that a combination of small plot sizes and high reserve prices have reduced interest in this auction.
By INRnews Correspondent
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