NEW DELHI: State-run NBCC has started the process to develop 70 acres of land into a hub in east Delhi with a mix of commercial, residential and retail assets at a cost of Rs 1,400 crore, according to an NBCC official.
The project will have 30 residential and commercial towers around Delhi Metro’s Pink and Blue Line corridors and will be developed in phases.
NBCC has invited bids for selection of a company which will carry out a detailed valuation of the east Delhi hub.
The scope of work includes master planning of the entire project and construction of residential units, external amenities, infrastructure services and other developmental works.
“The proposed usage of the site is mixed use and 70% of the 30 hectare land will be residential, 20% commercial and 10% will be for civic facilities. A memorandum of understanding (MoU) between NBCC and the Delhi Development Authority (DDA) in this regard was signed in 2015 but the conditions of MoU were revised last year keeping in mind the Transit Orient Development policy,” said the NBCC official.
The entire project will be developed in 6 million sq ft, of which 1 million sq ft will be developed in the first phase.
The project will have two and three BHKs of different sizes with a parking for over 7,000 vehicles.
The consultant will also explore the development for commercial and volume of commercial space development with corresponding sale rate in Rs per sq ft of saleable area.
“This hub would not only cater to the capital functions but will also include multi-sector facilities in trade and commerce, residential and other areas in order to make it a vibrant and dynamic hub, which should be self-sustaining, with state of art physical, social and economic infrastructure. The site has very good connectivity with direct access to Vikas Marg and the two Karkardooma metro stations (Blue & Pink line) located within the site area and the nearby Anand Vihar metro station, ISBT and railway terminal,” the NBCC official added.
The Delhi Metro Rail Corporation (DMRC) will also monetise about 200,000 sq ft at Karkarduma and Anand Vihar metro stations in a bid to increase revenue.
The two metro stations are in close proximity to the proposed site.
DMRC has also invited tenders for leasing of approximately 9,563 sq mt area at Karkardumametro station of Pink line for commercial development.
source:indiatimes