Real estate agents have descended on the Commonwealth Games village on the Yamuna riverbed to guide buyers to what is likely to become the most sought after residential apartments in the NCR. These apartments command an average Rs 14,000 per sq ft for two bedroom flats and Rs 13,412 per sq ft for five-bedroom apartments. In June, there has been a good response with about 250 people booking apartments here, said, Kaushal Bhansali, a representative of builder Emaar-MGF.
A partner in Gurgaon-based real estate firm, Lares & Penates, Rohit Arora, said, ?We are getting bookings from NRIs, CEOs and big businessmen.? However, he refused to divulge the number of bookings.
He said this a very special project as the whole Commonwealth Games village complex will reflect the image of the country to travellers, participants, international and national dignitaries in the corporate and political domain. This place is going to be an important landmark in Delhi. Work on three towers is in full swing.
The village, which is expected to host 8,500 athletes for the games in October 2010, has a residential corner being developed by Emaar-MGF group, which became the highest bidder, quoting Rs 321 crore for the project. There will be 34 towers between six and nine levels. Of these 11 towers belong to DDA.
The audacious price is buoyed not only by the site?s location and proximity to the Akshardham temple, but also by the drop-dead sports facilities being developed for the games, which will ultimately become part of this residential complex spread over an area of 27.5 acre.
The project has to be handed over to DDA by the developers in March 2010.
A senior official of the DDA told FE, ?Once the 15-day event draws to close, one-third of the total 1,168 flats will be refurbished and handed over to DDA and the remaining 779 flats, for which bookings have already been started, will be handed over to buyers by the Emaar-MGF group.?
?The developers are obviously benchmarking it for Delhi. Though there is a general decline in the sale of residential properties, there are still end-users in the market. The high prices of flats at the site will ensure that more end-users buy them instead of investors and speculators,? said Parveen Jain, managing director, Tulip Infratech.
He said, ?A similar brand new developers? flat in west and central Delhi will cost only a little more than this. The main reasons that the property will find takers will be its exclusivity and location.? The temple is on one side and the other provides a green belt where there will be no construction. These flats will be the costliest in the NCR.
A total of 1,161 apartments consisting of 4,000 bedrooms will be constructed as part of the project, with each flat costing in the range of Rs 2 crore-plus. The 5-bedroom apartments with an area of 3,000 sq ft can cost up to Rs 5 crore.
