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.