Delhi Metro to develop commercial and residential realty

The Delhi Metro Rail Corporation (DMRC) is developing residential and commercial property in Jantar Mantar, Bhikaji Cama Place, Okhla, Janakpuri West, Netaji Subhash Place and Malviya Nagar Metro station.

The DMRC is building 93 flats and it will also develop a commercial area on its plot near the Okhla Metro station under the Transit Oriented Development (TOD) norms, which it will then sell to customers.

“The DMRC intends to develop a plot of 11,280 square metres at Janakpuri (west) under TOD norms. We are building 300 flats of different sizes including EWS housing flats. A 5,000 square metre of commercial area on this plot will also come up. The DMRC is planning to sell these units to the public, government organisations and government PSUs by inviting applications,” said a DMRC spokesperson.

 The corporation is also planning to develop buildings on a plot of 10,800 sqm at Jantar Mantar. “Each floor is divided into two portions…The ground floor of the building will be used to set up a food plaza or meeting rooms,” said the spokesperson.

“We have floated tenders for builders to develop property on a plot of 12,290 square metre near Malviya Nagar Metro station for construction of commercial property. The space on this plot will mainly be sold to those looking to construct office buildings, budget guest houses, food plaza, health clubs (gyms) and shopping centres,” he added.

The revised TOD policy approves a Floor Area Ratio of 400 for residential houses, which paves the way for denser colonies along 500 metres on either side of Metro stations.

“The DMRC is mandated to raise Rs 2,505 crore from property development in phase-III of its construction. We have decided to raise this money by leasing plots of land for residential development by private parties and by selling residential units built by us,” said the DMRC spokesperson.

Credits Indian Express

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