NEW DELHI: The Rail Land Development Authority (RLDA) in its pursuit to generate revenue by monetising vacant land parcels available at pan India level, has recently acquired land at Karol Bagh- Kishanganj.
“The land is spread over 15.27 hectares under residential land use zone in the heart of Delhi.
Moreover, with major Government push for housing and huge gap in mid segment housing supply, the proposed development, has potential of over 5.2 million square feet of built up area, shall be in huge demand in Delhi NCR,” National Real Estate Development Council (NAREDCO) said in a statement.
According to NAREDCO, which works under Ministry of Housing and Urban Affairs, the land is located within 1.5 km of the Karol Bagh metro station and the Kishanganj Railway station.
The real estate body also stated that the development format chosen by RLDA is quite akin to in-trend joint development model of real estate industry with commercial consideration of land premium to be paid to RLDA over eight instalments in seven years with option of extension of two years.
The developer for the site will be selected through e-tendering process by the development authority, with the land premium as the bid variable.
The reserve price for the Karol Bagh - Kishanganj site has been pegged at Rs 1,862 crore with an effective realizable FSI of approximately 3.5. Developer shall also construct 750 railway houses costing Rs 200 crore as part of his obligation.
FSI or Floor Space Index refers to the ratio between the area of a covered floor (Built up Area) to the area of that plot (land) on which a building stands. A pre-bid meet has been scheduled for August 29 to brief prospective developers on the bidding process.