The Delhi Metro Rail Corporation (DMRC) plans to launch its housing scheme in May this year.
DMRC will build 2BHK, 3BHK flats in Janakpuri and Okhla areas. The flats will cost between Rs 60 lakh and Rs 1.20 crore, a Hindustan Times report says.
Brochures for the housing scheme will be released next month which is set to be completed by 2019.
A DMRC official said 460 flats in Janakpuri and 90 in Okhla will be constructed. The flats will be allotted on the basis of a draw and people can apply as soon the scheme is open. 15% of the flats will be reserved for the economically weaker sections of the society.
DMRC is constructing flats for the public for the first time and expects to earn at least Rs 500 crore from the housing scheme.
DMRC will also open a commercial complex near Jantar Mantar where they will rent out space for offices.
A notification of Ministry of Urban Development on changes in Transit Oriented Development Policy (TOD) policy will also facilitate vertical growth along the Delhi Metro corridor, which will eventually help them to use more space for commercial purpose.
A Floor Area Ratio (FAR) of 400 has been approved under the TOD policy which will enable high rises to come up in these areas and make for denser colonies.
TOD colonies can be developed in the ‘influence zone’ of the Metro which extends to 500 meters on both sides of the corridor.