The Delhi Metro Rail Corporation (DMRC) is set to make its foray into the residential segment in India’s real estate market space, according to reports. Accordingly, it will soon put up over 500 flats for sale; this is known to be in the Rs 60 lakh to Rs 1 crore range.
As per reports, DMRC has initiated the process on this front and flats, which will come up in Janakpuri and Okhla area, will be available for booking in a month or two. Around 460 flats in Janakpuri and 90 in Okhla are tentatively to be built within two years. Although construction work has not commenced yet, plots have been identified, indicate reports. This will be the metro’s maiden foray into the residential real estate market.
DMRC is expected to make a formal announcement of the project soon and will follow the model of the Delhi Development Authority (DDA) in selling the apartments, which means that the allotment will be done through a lottery.