Builders to tap more Buyers along Dwarka Expressway than Noida
The pricing of properties in Noida Extension was between Rs 15 and 25 lakh for a 2/3-BHK flat since the rates and the unit sizes offered were less than those compared in Gurgaon. The per unit rate begins at Rs 45 lakh for a 2-BHK flat. However, the only way in which the SC judgment might affect the existing market is by the affected families hiking their compensation rates.
Market analysts also foresee the recent judgment favouring the farmers to delay the pending acquisition of land and, subsequently, the delivery of projects. Approximately 25 acres of land near New Palam Vihar, of the total 600 acres acquired for the project, is under litigation. As the alignment of the road passes through new Palam Vihar, close to 350 families and several industrial units are affected. Currently, there is a pending litigation in the Punjab and Haryana high court and the next hearing is on July 20.
Residents of the area have been questioning from Day One why the government did not consider shifting the alignment by 500 m so that many families would not have been affected.
“The SC considered only land in deciding the Noida Extension case; here it is a matter of 350 families who will be displaced. The order definitely will act to our advantage and we will file a fresh appeal in the next hearing for the benefits to be provided,” said Rishi Raj Rana, president, New Palam Vihar RWA and MCG councillor from ward 1.
So property developers along the Dwarka expressway are hoping to tap more buyers after the recent Noida episode. According to estimates, there are close to 30 projects by fairly new developers lined up along the stretch which, once completed, will add 35,000 units in the existing residential market. Though the property rates on this stretch are up to three times more than what were available in Noida Extension, developers feel they will get more business.
However, on a comparative scale with Noida Extension – where the average rate was Rs 2,000 per sq ft – the existing market rates on this stretch are higher – around Rs 3,500 to Rs 4,000 for a sq ft. The ruling, therefore, will not bring in a large influx of buyers to this region.
Times of India
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