( CNN ) -- The London 2012 Olympic and Paralympic Games were delivered £377 million ( $ 601 million ) under budget . Figures released by the Department for Culture , Media and Sport show the forecasted cost of the two quadrennial events at £8.921 billion ( $ 14.236 billion ) , a reduction on the predicted figure of £9.298 billion . Overall the government says savings of £1.032 billion have been made across all areas of the Games , including £47 million on the Olympic Delivery Authority 's construction and transport programs . `` London 2012 was a tremendous success , and it is a significant achievement to deliver this large and complex program on time and under budget , '' said minister for sport Hugh Robertson . `` The work of the construction and delivery teams , from the ODA and LOCOG ( London Organising Committee of the Olympic Games and Paralympic Games ) , has set a very high standard and I have no doubt that London 2012 has set a new benchmark for the management of Olympic and Paralympic Games in future . '' With £480 million of the budget set out for the Games unspent , the government will now be under scrutiny as to whether the 2012 Games will deliver a lasting legacy . The process of transforming London 's Olympic Park in the east of the Britain 's capital from a world-class sporting venue into a brand new area of the English capital has already begun in earnest with the handover of the site to the London Legacy Development Corporation ( LLDC ) from LOCOG . The LLDC has already removed many of the temporary structures around the Park . `` The UK hosted a spectacular Olympic and Paralympic Games this summer , '' LOCOG chairman Sebastian Coe said in a statement . `` We have now begun the first chapter of the lasting legacy we promised when we bid for the Games . `` We began our work straight after the Games to transform the venues , parklands and facilities in the Olympic Park to ensure generations to come will benefit from a golden summer . `` I congratulate my team for taking out all the temporary structures so quickly so that the job of transformation continues quickly . '' Opinion : Did the U.S. tune out for the Paralympics ? The area , which will be known as the Queen Elizabeth Olympic Park , will now undergo a £292 million ( $ 467 million ) redevelopment , including the creation of 2,818 news houses and apartments in the former Olympic Village site . `` This will take some time , but the wait will be worth it , '' explained LLDC interim chief executive Dennis Hone . `` Queen Elizabeth Olympic Park will be a fantastic new place to live , work and visit and enjoy . This really is an opportunity to create a legacy of the type we have never seen before . '' The LLDC has now taken control of the Aquatics Centre , the Velodrome and the Basketball Arena , with handball venue the Copper Box to come under its jurisdiction in November before the Olympic Stadium and press and broadcast centers are handed over in December . A decision on the Olympic Stadium 's new tenants has yet to be reached . A total of 250,000 temporary seats , 165,000m2 of tents and 140 kilometers of fencing have already been removed from venues across London , including the beach volleyball arena at Horse Guard 's Parade and the Equestrian Arena at Greenwich Park . The process is scheduled to be completed by January 2014 , with 8,000 jobs , five new neighborhoods , three new schools , nine new nurseries , three new health centers and a new library to be created at the Park . The legacy of the Games will spread beyond construction projects within the Park . London also hopes to host a one-day road cycling race , similar to the prestigious Paris-Roubaix event , which would be open to both professionals and amateurs . Organizers hope the inaugural race can be staged in August 2013 , cashing in on Britain 's recent domination of cycling . Bradley Wiggins became the nation 's first Tour de France winner earlier this year , while Team GB collected a total of 12 medals , eight gold , in the Olympic Velodrome .
British media says London 2012 delivered $ 601 million under budget . The total cost of the Games forecasted at £ 8.921 billion , rather than £ ##3 billion . London 2012 organizers hand over the Olympic Park to private developers . $ 467 million to be spent on creating housing , schools , nursuries and a museum .