East Delhi civic body plans new township on Yamuna bank
18 Oct 2012 7:29 AM IST
The East Delhi Municipal Corporation [EDMC] has decided to start a project to build and sell 825 residential apartments in the open market. These apartments will be constructed in a new township coming in the Usmanpur area in the Northeast district close to the new Signature bridge on the Yamuna. In the close vicinity of this township will be three bridges: the existing Wazirabad bridge, the under-construction Signature bridge and the proposed bridge across the river near Karawal Nagar, making it well-connected to the main city.
According to the EDMC commissioner Sajjan Singh Yadav, in all 2,500 two BHK, three BHK and four BHK apartments will be constructed in multi-story buildings, while only 825 will be sold to the general public. 'We will sell over one-third flats at market price or through auction to recover the cost of investment in the project. An additional five per cent of total floor-area ratio [FAR] will be commercial space for lease, which will increase the annual revenue of the corporation,' said Yadav.
'A consultant has been appointed to prepare a detailed project report in confirmation with Master Plan, 2021, of the Delhi Development Authority, for the best possible use of 25 acres of land in Usmanpur. The township will have all civic facilities and amenities of modern life,' added Yadav. The consultant is expected to submit the report by 30 November, following which the tenders will be floated for the construction work. The construction is likely to start in early 2013 and will be completed within two years.
The corporation is examining two models for executing the township project. They propose to take loan from a government agency or a bank to develop the township, which requires around Rs 300 crore to Rs 400 crore in investment. The second option is to enter into a public-private partnership [PPP] model. In the PPP model, a developer will be appointed after a tender process, which will be given around one-third of flats in all the categories – two, three and four BHK houses – to sell in the open market to recover the investment.
If the corporation manages to secure loan to construct the new township, over one-third of the apartments will be sold preferably on competitive bidding basis to recover the cost of the investment and pay back the loan. In both cases, around 1,000 flats of all categories will be made available for people willing to own their homes in Delhi. The rest of the flats will be retained by the corporation to provide accommodation for Group A, B and C category government employees. The corporation is also planning to give additional flats to nationalised banks and government agencies on lease to earn revenue. The private consultant, which has been selected through bidding, will be paid a consultancy fee of around Rs 12 lakh for preparing the detailed project report.
According to the EDMC commissioner Sajjan Singh Yadav, in all 2,500 two BHK, three BHK and four BHK apartments will be constructed in multi-story buildings, while only 825 will be sold to the general public. 'We will sell over one-third flats at market price or through auction to recover the cost of investment in the project. An additional five per cent of total floor-area ratio [FAR] will be commercial space for lease, which will increase the annual revenue of the corporation,' said Yadav.
'A consultant has been appointed to prepare a detailed project report in confirmation with Master Plan, 2021, of the Delhi Development Authority, for the best possible use of 25 acres of land in Usmanpur. The township will have all civic facilities and amenities of modern life,' added Yadav. The consultant is expected to submit the report by 30 November, following which the tenders will be floated for the construction work. The construction is likely to start in early 2013 and will be completed within two years.
The corporation is examining two models for executing the township project. They propose to take loan from a government agency or a bank to develop the township, which requires around Rs 300 crore to Rs 400 crore in investment. The second option is to enter into a public-private partnership [PPP] model. In the PPP model, a developer will be appointed after a tender process, which will be given around one-third of flats in all the categories – two, three and four BHK houses – to sell in the open market to recover the investment.
If the corporation manages to secure loan to construct the new township, over one-third of the apartments will be sold preferably on competitive bidding basis to recover the cost of the investment and pay back the loan. In both cases, around 1,000 flats of all categories will be made available for people willing to own their homes in Delhi. The rest of the flats will be retained by the corporation to provide accommodation for Group A, B and C category government employees. The corporation is also planning to give additional flats to nationalised banks and government agencies on lease to earn revenue. The private consultant, which has been selected through bidding, will be paid a consultancy fee of around Rs 12 lakh for preparing the detailed project report.
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