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The Commonwealth Games Village will be handed over back to the Delhi Development Authority (DDA) early next week. DDA intends to put up the flats for sale after giving a maintenance check. The saleis expected to happen early next year. The mode of sale is being worked out. If the price is right, this can turn out to be a good investment. So, watch out for more details on our blog!

Of the 1100-odd flats in the Commonwealth Games Village, around 700 are with the DDA after the financial bailout it offered to the developers, Emaar-MGF, during the construction of the flats.

In another development, the urban development ministry directed the DDA to confiscate Rs 183 crore bank guarantee furnished by Emaar-MGF after finding irregularities in developing Commonwealth Games Village. Further legal action may also be taken by the DDA against Emaar-MGF for recovery of other expenditure over and above the bank guarantee. This is bad news for Emaar-MGF and may affect its brand in India.

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