With no takers for its multi-level parking lots, the Delhi Development Authority (DDA) now plans to auction the plots for the fifth time. The land agency has not been able to find takers for its project due to a slowdown in the real estate market over the past two years.
DDA was supposed to develop eight multi-level parking lots in the city, which were supposed to be built on a Public Private Partnership (PPP) basis similar to the model followed by the agency for its Nehru Place multi-level
“Over the past two years, we have tried to auction several sites for construction of multi-level parking lots but no one came forward due to the slowdown in the real estate market. These sites have been auctioned four times before. The reserve prices according to rules have been slashed after the third auction,” said DDA spokesperson Neemo Dhar. According to DDA, in the coming months, all the vacant plots will be put up for auction again.
The parking lots, which will have anywhere between three and seven levels depending on size and location, are supposed to be built at community centres or district centres in Dwarka, Janakpuri, Hari Nagar, Wazirpur, Okhla, Motia Khan, Mayur Place and Yamuna Vihar. The reserve price for a plot at Motia Khan is Rs 48.87 crore, while the one at Dwarka has a reserve price of 101.02 crore.
“The slowdown in the real estate market had affected auctioning of other commercial plots also but things improved towards the beginning of 2011 as far as commercial plots were concerned. We are, however, still facing difficulty in finding takers for multi-level plots. If we have to go for an auction for the sixth time, we will have to slash reserve prices further,” added an official. In fact, all these plots for development of multi-level car parking include a “commercial component” also, according to officials.
“The development of these parking lots and the regulatory framework for the commercial complexes will be in keeping with the guidelines of the Masterplan 2021,” the official said. The first multi-level parking lot was developed by the DDA in 2006 at Nehru Place. The plot had provisions for 70% parking and 30 % commercial space.
Besides DDA, NDMC and MCD are also constructing multi-level parking lots in the city, none of which are ready till date. Most of these projects were conceptualized years ago. “MCD has to develop around 15 multi-level parking lots in the city â€” the planning for which began in 2003 â€” but work has started in only one site. It is unlikely that any of them will be ready by this year,” said a source. Meanwhile, while NDMC’s multi-level parking project at Kasturba Gandhi Marg has not started as yet, the other two parking sites at Baba Kharak Singh Marg and Sarojini Nagar will be ready by June, according to officials.