In a first, the Delhi Development Authority (DDA) has decreased the rates of flats in Commonwealth Games (CWG) village by over 30%.
This move comes following a downturn in the housing sector which has affected the DDA.
Earlier, the authority attempted to sell around 120 premium flats in CWG village, but was not able to do so, officials in the know told the Economic Times.
When the CWG village came up about a decade ago, some luxury three-bedroom flats in the residential complex were sold for above Rs 7 crore, but there were no takers for them.
Thus, the DDA is now trying to find buyers for unsold flats and has brought the prices down to Rs 4 crore.
"The sale is restricted for government agencies as they had requested for reduction in price. We have reduced the price from Rs 3,41,210 per square metre to Rs 2,24,000 per square metre," Tarun Kapoor, vice-chairman of DDA told the news daily.
The size of flats ranges between 175 sq metres and 200 sq metres. DDA used to raise the price of these housing flats by 10% annually.
The last sale of flats in CWG Village happened in the year 2017. "It is a fact that the market rate has gone down. It is less than the price at which we had launched in 2010. Keeping in mind the market scenario, we have reduced the price for the first time and if needed, will do it again," another source told the news daily.
CWG village is spread over 27 acres and has 1,168 flats in 34 residential towers.
DDA had hired real estate company Emaar MGF to build CWG village along the Yamuna floodplains. The housing society was constructed to house foreign athletes and officials during the 2010 Commonwealth Games.