DDA’s new Land Pool Policy has ushered a new era in real estate development. In accordance to this Policy, DDA has created a list of about 200 villages in different parts of city where residential constructions would soon come into being. This way, the authority has been able to create a total of 70,000 acre of vacant land from the farmersowners. This land shall be used for residential and commercial purposes, and provide an opportunity to buyers to purchase properties in Delhi. The city is already congested with haphazard constructions and there is hardly any space left for further development. But now with the acres of land vacated, the new constructions would come into being soon.
The areas where vacant land has been created are Najafgarh and Dwarka in West, Rohini and Narela in North West, Chattarpur, Kishangarh, and Masoodpur in South. Towards North, residential property in Delhi shall be developed across Akbarpur and Mazra. As per the Land Pool Policy, the real owners of the land would get 40-60% of the developed land in return. With the policy to come into execution shortly, the prices rates of flats and apartments are expected to fall down in other parts of Delhi NCR such as Gurgaon and Noida.
The price rates of Delhi property witnessed an all-time high value in last quarter of 2013. In accordance to the Residex by National Housing Bank, the rates in 2013 underwent an appreciation of about 22% , if compared to those in 2012. In the second quarter of 2013, the rates had seen an increase of 3%, and in December, the values soared. This has been the prime reason behind the dismal state of Delhi realty market. It is to be noted that the rates have increased in spite of no lowering down of interest rates in the city. As far as rental market is concerned, the year-on-year appreciation of about 3% was observed.
One of the prominent physical infrastructural projects that is expected to provide an impetus to property Delhi is the 250 km long highway between Delhi and Jaipur. With its development, the connectivity of the capital city to localities like Manesar, Neemana, Bhiwadi, and Dharuhera would improve considerably. The link between two cities is expected to make these localities new hot shots of realty market. With distances diminished, Delhites would have alternative options for buying properties and getting settled. This would also award investors with new opportunities for rolling out their money.
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