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It has been a month since the under-construction apartments at the Commonwealth Games Village were thrown open for sale, without any announcement or advertising. The response from the buyers has, nevertheless, been enthusiastic with almost 80 per cent of the 300-odd apartments on sale already booked, according to industry officials.

Costing Rs.2 crore for the smallest (two-bedroom) ones to Rs.5 crore for the largest (five bedroom) ones, the apartments are being built by Emaar-MGF under licence from the Delhi Development Authority (DDA) and are being sold at a base price of Rs.12,500-12,750 per sq ft.

This rate is much lower than the capital rates of other prime properties in Delhi (see chart), and in the same bracket as that quoted for luxury apartments selling in the outskirts of the city. For instance, the multi-crore luxury apartments from DLF in Gurgaon in two projects – The Aralias and The Magnolias – are selling at Rs.10,500 to Rs.13,000 per sq. ft.

“The response has been better than expected,” says an elated Sanjay Malhotra, Emaar-MGF’s Chief operating officer, who is in charge of the village construction. There are a total of 1.168 apartments at the village spread across 34 towers. Emaar has the right to sell two thirds of these apartments while DDA will sell the rest after the Games in October 2010. Nine towers are currently open for booking; the two-bedroom flats are sold out and the stock of the larger ones is depleting fast.

“This shows that there is still an appetite for real estate investments from long-term investors and the short-term investors have exited from the market,” says Anuj Puri, chairman and country head of real estate consultancy firm Jones Lang Lasalle Meghraj.

Puri has made a personal investment in an apartment at the Games Village after taking into account the location (it will be flanked by the Akshardham temple on one side and by the Yamuna river on the other), the developer, and the fact that it will be completed in time, since there can be no shifting of the Commonwealth Games deadline. And of course, he expects capital appreciation over a three-five-year period.

Work is happening simultaneously on all the 34 towers and the first milestone under the project developer agreement with DDA has already been achieved. The finished apartments are to be handed over by the company to DDA by April 1, 2010.

The 10,000 athletes and officials slated to attend the Commonwealth Games will be housed in these apartments. The flats will then be touched up before being handed over to the buyers in early 2011.

The brochure boasts that the apartments are spread across the whole Commonwealth Games Village project – estimated to cost over Rs.1,000 crore – is spread across 160 acres and includes, in addition to the residential zone, an operational zone and international zone. The preferential location charges, which are typically levied on the lower floors, are applicable on the higher floors in these apartments as the view is better on the high floors. The charge ranges from Rs.150 per sq. ft. on the fourth floor and goes up to Rs.750 per sq. ft. on the eighth floor. According to the Delhi government, the objective of the project is to provide a world-class games village by 2010 and also to leave a legacy that provides a first-class residential precinct for Delhi.

Courtesy: - Business Standard 5^th August 2008

Date: 05 August 2008, Tuesday
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