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Commonwealth Games Apartments Sale: In 1982 During Asiads Khel Gaon Had Failed To lure NRIsBy Nikhil IAS, Section CommonWealth Games 2010
The Commonwealth Games Village is not the first of its kind to be built in the national Capital. In 1982, the Delhi Development Authority (DDA) had executed the Asian Games Village near Siri Fort Stadium in South Delhi, to house players participating in the Asian Games. Today the area is better known as Khel Gaon.
DDA at that time had built 853 apartments in the Games Village to accommodate 5,000 athletes. The model of development at that time had been similar to that being adopted for the Commonwealth Games complex today. However, instead of developing the project in a joint venture as the authority is doing this time, the Games Village was developed by DDA alone then. Once the curtains came down on the Asian Games, the DDA sold the apartments. Initially, the authority planned to sell the apartments to public sector companies and non-resident Indians. However, as the enthusiasm shown either by the PSUs or by the NRIs was not as expected, DDA was forced to sell the flats to the general public as well. Click On "Full Story" For More...
In fact, the process of allotment was completed in 1987. According to a source in DDA, 441 apartments were allotted to PSUs like Steel Authority of India and ONGC. One hundred and fifty one apartments were allotted to the Directorate of Estate for General Pool accommodations, a dozen flats were kept by DDA to accommodate its staff, around 35 apartments were bought by Non-Resident Indians and 12 were allotted to
people belonging to Scheduled Castes and Scheduled Tribes. The remaining 142 apartments were disposed of through auction, said sources. In 1987, one of the buyers of a three-bedroom apartment said he had to pay Rs 11.20 lakh to the authority. According to sources, those who got through allotment had to pay around Rs 9 lakh. However, at that time, three bedroom apartments in South Delhi were available for Rs three to Rs five lakh. But, as the Aisan Games Village was considered to be in an upmarket locality, buyers paid Rs 11.20 lakh for the privilege of owning homes there. The prices in the last 20 years have appreciated sharply in Delhi. A senior broker in the area said hardly any transactions take place in the area. But, going by the rates in surrounding localities like Uday Park, Neeti Bagh and Green Park, the prices in the Asian Games Village would also be in the range of Rs 10,000 per sq ft to Rs 12,000 per sq ft. As the size of the apartments are 1,800 sq ft, he said, it should command a price between Rs 2.5 crore and Rs 3 crore depending on floor and location. Source: Times News Network-Feb-04-08
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