Reliance Retail’s expansion plans have led RIL to buy out eight of the 17 commercial plots DDA put up for auction over two days for a mammoth figure of Rs.986 crores. On 15th January, six properties in Dwarka were sold, and one in West Delhi’s Rohini. The next day of the auction, the 1.5 lakh area plot in Vikas Puri was sold for Rs.286 crores.
The sale marks the highest price ever paid for commercial land in India, with DDA getting Rs.20, 000 for a sq.foot. Last year Reliance paid Rs.13, 000 for a property at the Bandra-Kurla complex in Mumbai.
The shooting prices confirm the shortage of developable land in the metros. 17th Jan will see another auction for commercial property in Vasant Kunj which has been assessed for a minimum of Rs.25 crores.
The sealing drive against commercial establishments in residential areas has aggravated the situation for buyers with smaller budgets, while DDA has profited with Rs.900 crores in its kitty. (Indian Reality News)
Labels: Property