Realtor Parsvnath Developers won the bid for a 38.3-acre (15.50 hectares) land in New Delhi auctioned by Rail Land Development Authority (RLDA) for Rs1,651 crore, a spokesman said on Thursday. RLDA is a statutory authority, under the Ministry of Railways, set up to develop vacant railway land for commercial purposes, its website said.
Indian Railways has about 43,000 hectares of vacant land. RLDA had fixed a base price of Rs1,200 crore for the plot, Abhinav Bhandari, analyst at Elara Capital said. "Assuming an FSI of 2.5, the company had bid at Rs3,675 per square feet, which is 33 per cent premium to the base price. The price seems reasonable, compared with the earlier deals in the region," said Bhandari. The auctioned land is around 3 km away from New Delhi railway station and 2.5 km from Karol Bagh, according to RLDA website.