Draft performance audit of Delhi’s Metro railway shows several irregularities

CAG’s report says DMRC finalized four property leases based on single bids, with the amount realized being only 0-3% over the reserve price, or the minimum price at which bids can be made. The audit attributes the low response to restrictive land use clauses in the allotment letters and “stringent qualifying criteria fixed for the bid process”.

Land development is a major source of revenue for DMRC. For the fiscal year ended March 2007, DMRC earned Rs222 crore from operations, Rs251 crore through real estate development and some Rs68.70 crore from other sources such as consulting.
http://www.livemint.com/2009/02/18234118/CAG-questions-Delhi-Metro821.html

CAG questions Delhi Metro’s quality control, bidding process

The key findings of the draft audit of Delhi Metro Rail Corp. Ltd (DMRC) by the Comptroller and Auditor General of India (CAG)—excerpts of which were reviewed by Mint—include “shortcomings and lapses in the systems and procedures” and issues relating to quality control and land acquisition in excess of project requirements in some areas.http://www.livemint.com/2009/02/18234118/CAG-questions-Delhi-Metro821.html

Delhi Metro Sells 2 Hactare Land For Rs 220 Crore

A little known realty firm Young Builders has bought Delhi Metro Rail Corporation 2-hectare land plot at Vishwavidyalaya metro station in North Delhi for Rs 220 crore in an auction.

It will construct a residential complex at the site, which is currently being used for parking. The developer has bought the land on a 90-year lease and is likely to get a developable area of 3.5 lakh square feet, which will translate into a land acquisition cost of around Rs 6,200 per square feet.

Parsvnath Developers’ residential project near Vishwavidyalaya metro station is being sold at Rs 10,000 per square feet.
http://info.propertywala.com/real-estate-news/delhi-metro-sells-2-hactare-land-for-rs-220-crore/