The Delhi Development Authority will commence an e-auction at 11 am today for the allocation of around 2093 newly constructed, high-quality flats. DDA stated that this e-auction falls under the “Diwali Special Housing Scheme 2023.
According to DDA, these flats are ready-to-move-in, some are nearing completion and will be available for possession soon, located in Dwarka (Sectors 19b and 14) and Loknayakpuram, New Delhi.
The Diwali Special Housing Scheme 2023 (e-auction) was launched on November 30, 2023, for which the last date of EMD submission was December 29, 2023, and the final submission date of the application was January 1, 2024.
Read More: This underperforming real estate stock is Motilal Oswal’s top pick for 2024
The e-auction for penthouses and MIG flats is scheduled to commence on January 5 at 11 a.m. and conclude at noon. The Super HIG e-auction will take place from 3 to 4 p.m. Additionally, the e-auction for HIG flats will occur on January 6 in two sessions: from 11 a.m. to 12 p.m. and from 3 pm to 4 pm.
DDA notified that the initial bidding process will last for one hour, and if in the last five minutes, any higher bid is placed, the bidding process will automatically be extended by five minutes. This process will be continued for a maximum of 20 times. So, any auction can go for a maximum period of 2 hours and 40 minutes.
As per the authority, this process will involve a total of 3055 participants who have paid the EMD charges for the flats. In its notification, DDA said that individuals seeking to participate in the bidding process were obligated to submit Earnest Money Deposit (EMD) charges for the respective flats. These charges amounted to Rs 10 lakh for MIG-2BHK, Rs 15 lakh for HIG-3BHK, Rs 20 lakh for Super HIG-4BHK, and Rs 25 lakh for Penthouse-5BHK.
