Starting next month, buy houses from Delhi Metro

The Delhi Metro Rail Corporation (DMRC) is set to launch its housing scheme in May this year.

DMRC is building 2BHK and 3BHK flats in the city’s Janakpuri and Okhla areas in Delhi that will cost between ₹60 lakh and ₹1.20 crore.

Brochures for the flats will be released next month with an application form to book a flat, which DMRC promises to deliver by 2019.

“We have identified two plots near Okhla and Janakpuri (west) metro stations. We will construct 460 residential flats in Janakpuri and 90 in Okhla. The flats will be allotted on the basis of a lucky draw and people can apply as soon as we open the scheme. The flats will be delivered within two years,” said a senior DMRC official.

He further said that 15% of the total flats will be reserved for the economically weaker section.

This is the first time that DMRC is venturing into residential real estate market for public. Until now, it had constructed residential apartments only for its staff in Shastri Park, Yamuna Bank and Pushp Vihar.

DMRC hopes to earn at least ₹500 crore from the new housing scheme. It will soon make a formal announcement of the project. Number of flats to be constructed

Janakpuri (W) & Okhla 2019 Amount DMRC hopes to earn from the scheme

15% of the total flats will be reserved for the economically weaker section

Until now, DMRC was constructing flats only for its staff

“The price of the flats will not be altered. The applicant will need to pay a booking amount and if his/her name does not appear in the final list, the money will be refunded. We will publicise the new housing scheme once the brochure is ready,” he added.

DMRC has also decided to come up with a commercial complex in the heart of the capital, near Jantar Mantar, where they intend to rent out space for offices.

DMRC official said that notification of ministry of urban development on changes in The corporation will also come up with a commercial complex near Jantar Mantar

Transit Oriented Development (TOD) Policy has also paved way for vertical growth along the Delhi Metro corridor, which will eventually help them to use considerably more space for commercial purpose.

Under the TOD policy, a Floor Area Ratio (FAR) of 400 has been approved for the project.

This ratio will enable high rises to come up in these areas and make for denser colonies.

Colonies under the TOD policy can come up in the ‘influence zone’ of the Metro which extends to 500 metres on both sides of the corridor.