| The Commonwealth Games Village luxury apartments | | | | onethird of the apartments over and above the Rs 321 |
| are ready and Emaar MGF, the developer, has begun | | | | crore from the developer. Emaar MGF was to retain |
| handing them over to DDA. | | | | ownership of the rem- aining 790 apartments which it |
| The residential project on the banks of river Yamuna | | | | expected to sell in the open mar- ket and raise money. |
| will house athletes and officials for the Games that will | | | | However, last year's financial crisis and realty slump |
| be held from October 3 to 14, 2010. | | | | meant the company couldn't find buy- ers and raise |
| "We have begun the process of handing over the | | | | money. It asked DDA for a bail out which it got--DDA |
| apartments to DDA," said Shravan Gupta, executive | | | | purchased another 333 apartments for Rs 770 crore. |
| vice-chairman and managing director Emaar MGF. | | | | "Market conditions are improving. There has been a |
| The project, with 1,168 apart- ments, was to be built on | | | | robust demand for quality res- idential projects," said |
| a pub- lic-private-partnership model between DDA and | | | | Gupta. |
| Emaar MGF which won the right to develop the | | | | He claimed the company has managed to sell a major |
| 118-acre residential project in competitive bidding from | | | | portion of these apartments. |
| DDA at Rs 321 crore against a reserve price of Rs | | | | After the games are over the developer would |
| 300 crore. | | | | refurbish the apartments and physically hand over the |
| As per the arrangement, DDA got ownership over | | | | apartments to end- users by early next year. |