The Delhi Metro Rail Corporation (DMRC) is all set to venture into the residential real estate market and will soon put up over 500 flats, in the Rs60 lakh to Rs1 crore range, for sale.
A senior DMRC official said that the DMRC has initiated the process on this front and people will be able to book a flat, which will come up in Janakpuri and Okhla area, in a month or two. Around 460 flats would be built in Janakpuri while 90 in Okhla, tentatively within two years. Plots have been identified but construction work has not yet started. The DMRC will soon make a formal announcement of the project.
The official said DMRC will follow the model of Delhi Development Authority in selling the apartments, which essentially means allotment will be done through a lottery. Fifteen per cent of the flats, which will be a mix of 2-BHK and 3-BHK, would be reserved for the economically weaker section, the DMRC said, adding that the brochures are likely to be out within a month.