DDA to e-auction 152 premium flats in CWG Village next month

Delhi Development Authority (DDA) is all set to auction 152 premium apartments at Commonwealth Games Village in June. The land owning agency will conduct an electronic auction and has fixed Rs 7 crore as the reserve price for the 3BHK units. The authority is likely to earn over Rs 1,000 crore from this sale.

The auction has been pending for a long time as Delhi government had requested 60 flats for its official housing pool in 2012. Due to this DDA withheld the auction, but Delhi government hasn't given a response till now. "We had earlier written 2-3 letters to the newly-elected government. Now, we are going to send a letter again to confirm whether they still want the units. If no response is received, then we will auction them," said Balvinder Kumar, vice-chairman, DDA.

Officials say the government will have to pay the money for the flats upfront. Sources said the auction process is likely to be completed by June end.

Of the 711 flats with DDA, 378  were taken by the central government for its official housing pool, 74 were sold in June 2012 and 45 were converted as official quarters for DDA employees. There are 62 flats which are under litigation due to dispute between DDA and the developer. "We are left with 152 flats, all 3BHK units with plinth area of 3,000 square feet," said a DDA official.

This is for the first time that DDA will be conducting e-auction and is likely to advertise it next week. Officials said adequate time will be given to the interested bidder to register for the e-auction. The cost to DDA for CWG flats in 2009 was around Rs 11,000 per square feet. The authority sold it for Rs 22,000 per sq feet in 2012. "Though the reserve price is Rs 7 crore, looking at the demand for these houses the final price will be much more," said an official.

Source: PropertyatNeoDevelopers.Wordpress.Com

SBI to resume mega e-auction for properties next month

State Bank of India (SBI), the country’s largest lender, will resume next month the mega e-auctions for properties, acquired from borrowers following defaults.

Gaining from its experience with a similar auction in March 2015, the bank will hold separate auctions for retail (predominantly residential units) and commercial properties.

In March, SBI’s e-auction for properties worth Rs 1,200 crore had failed to enthuse investors. It could sell only 124 properties of the 350 put on sale and the bank could realise only about Rs 90 crore. The response for industrial and commercial properties was not up to expectations.

This was first effort by the lender to hawk properties on large scale. While lender has been able to contain fresh slippages, it is struggling to dispose of distressed properties through auction.

The fourth quarter ending March being last quarter of financial year is crucial for recovering dues to bolster the bottom-line.

SBI had put on block properties, including offices, shops, factory buildings and residential apartments spread across 25 cities after it had put out a public notice on Thursday.

SBI launches contactless cards:

State Bank of India has introduced Contactless Debit Card and SBI Signature Contactless Credit Card for quick, secure and hassle free payments at merchant outlets.

Contactless Cards use the near-field communication (NFC) technology to make payments by waving or tapping the card near the contactless reader instead of swiping or dipping. These Cards will replace the use of cash at retail establishments like convenience stores, petrol stations and super markets where speed and convenience are important. Credit Card will have fraud liability cover of Rs 1,00,000.

At present the ceiling on amount per tap (transaction) is Rs 2,000 and SBI has approached Reserve Bank of India to increase ceiling to Rs 5,000 per transaction.

Source: PropertyatNeoDevelopers.Wordpress.Com