DDA E-Auction Receives Strong Response with 274 Flats Booked on Opening Day in Delhi

DDA E-Auction, Delhi

The Delhi Development Authority's two-day live e-auction, part of their ambitious 2023 housing scheme, has made a remarkable debut. On the very first day, an impressive total of 274 flats were snapped up by eager buyers. This includes a mix of 129 Middle Income Group (MIG) flats, 138 super High Income Group (HIG) flats, and seven exclusive penthouses, according to a senior official. This brisk pace of bookings underscores the high demand for DDA flats.

Aggressive Bidding and High Premiums

The first day of the auction was characterized by intense competition among bidders. In some instances, flats fetched premiums as high as 80%, reflecting the high value and demand for these properties. The flats on offer, both newly built and nearing completion, are being sold as part of the 'Diwali Special Housing Scheme-2023' through an entirely online system.

Choice of Luxury real estate options

The e-auction features a variety of high-end properties, including 14 penthouses in Dwarka's Sector 19B, 170 super HIGs, 946 HIGs, 316 MIGs in Sector 14, and 647 MIGs in Lok Nayak Puram. In total, over 1,100 luxury apartments are up for grabs. The penthouses are drawing significant interest, with tentative reserve prices around ₹5 crore, while the super HIG and HIG flats are priced at ₹2.5 crore and ₹2.1 crore respectively. The MIG flats in Dwarka and Loknayak Puram are also attracting bids, with prices ranging between ₹1.1 crore and ₹1.4 crore.

Substantial Earnest Money Deposits Attracting Serious Bidders

The DDA had set considerable earnest money deposits (EMD) for these properties, ranging from ₹10 lakh for MIG flats to ₹25 lakh for penthouses, ensuring only serious buyers participate. Over 3,000 applicants had deposited the EMD, demonstrating the scheme's popularity and the eagerness of homebuyers to secure a flat in this prestigious auction.

Registration and E-Auction DetailsThe last date for online registration for the e-auction and the submission of online EMD was on December 29, while the final submission of applications was on January 1.

The e-auction, which started on Friday, is part of a larger scheme that began on 24 November 2022 and will run until March 31, 2024. The flats, located in prime areas like Narela, Dwarka, and Lok Nayak Puram, are being offered on a 'first come, first serve' basis.