Pre-Booking Of Games Flats

Very Soon, 779 swanky apartments and penthouses on the banks of Yamuna would be up for grabs.Emaar-MGF-the Dubai-based real estate firm, which is developing the residential facility for the Commonwealth Games - is planning to start the process of pre-booking of flats that are coming up at the Games village.

The move follows the recent decision of Delhi Development Authority (DDA), which has identified and allocated the project developer its share of residential apartments. "Pursuant to the completion of identification of our quota of residential apartments, we have initiated the process of identification of customers," said a spokesperson for Emaar-MGF.
But the developer's decision to start the process of pre booking flats may run into legal hurdles.

The High Court had restrained the DDA from initiating any process to sell the apartments that are coming up at the site before the Commonwealth Games.

In April this year, Emaar MGF had made a presentation before Delhi lieutenant governor, Tejendra Khanna saying they are finding it diMcult to generate funds for the project after the High Court's direction to the DDA. The developers had said this was affecting their work.

Last year, Emaar-MGF had won the bid to construct 1,168 flats at the village, which will be used to accommo- date the 8,000 athletes and delegates who are expected to participate in the Games. As per the agreement with DDA, of the total flats, while EmaarMGF would get two-thirds (779 flats), it will have to hand over one third (389) flats to DDA.
The developer said work on the residential project at the Games village is progressing as per schedule and will be completed by April l, 2010.

A DDA official said, "As per the Request For Qualification document, we can allocate the developer's share, nine months from the date of signing of project. The period got over on June 14. Now the developer can raise money from the market by booking their share of flats," said a senior DDA official.

The funds generated from the prebooking of the flats will be used for completing the construction at the Games village. The high-end flats will be priced over Rs 2 crore. DDA officials, however; said prospective buyers would get possession of their apartment only after the Games are over.

On its part, DDA would initiate the process of selling its share of flats only after the Games are over.