DDA’s Master Plan 2021 to check realty prices in Noida, Gurgaon
DDA’s master plan 2021 will help in checking the increasing price of housing units in Delhi and NCR. The industry insider noticed that these would be at least 15 to 20 percent cheaper as compared to the estimated cost of the real estate in the next 3 to 4 years.
Mr. Anshuman Magazine, CMD, CBRE, South Asia Private Limited, says that the master plan of Delhi is possibly the largest real estate opportunity in terms of state assurance and demographic demand for urban growth and development in the country. He further says that the currently approved Land Pooling Policy is the first of many such initiatives. These schemes will help in solving problems related to availability of land for necessary real estate development and infrastructure formation for India’s ever- increasing urban population mainly for the development of urban green spaces. However there are huge chances of growth in the real estate sector of India.
As per this plan, the owners will be allowed for the development on the land through real estate developers. This master plan predicts development of several 100 acres of land for helping an additional population of 48 lakh by the year 2021. The new land acquisition bill that has been currently approved by the Parliament will make it difficult to acquire land.
Mr. Muzaffar Zia, director, Glorice Consultancy, says that the latest policy will control the increase in the property prices in NCR region. He further says that the cost of residential property on the Dwarka Expressway in Gurgaon has witnessed the increase of 150 percent in the last 5 years.
He also added that the prices of property will depend upon the area but on an average the prices of property will be decreased by 15 to 20 percent in next 3 to 4 years.
He also concluded that the cheaper price will helps the developers to reach maximum number of end users as the cost rise control will demoralized the investors.
Mr. Zia also added that it is not easy to provide the exact data but approximately there are only 35 to 40 percent investors in the first 2 year of the introduction of project and those investors back out before possession because they get 50 to 60 percent return of their investment.
The spokesperson of the Amrapali Group says that currently the largest problem for the developers is the acquisition of land. As the land pooling would make it easier for the developers as it will affect the NCR land owners to follow the suite. Therefore they are expecting things to become easier as it will take more than 1 year in completing the formalities of land acquisition and taking clearance.
He further says that it is not the developers who are responsible to increase the cost but the time consuming clearance system is also responsible to increase the project cost. Once the land acquisition process become easier than the developers can plans the project in appropriate manner which makes the cost to come down.
Source: The Economic Times
Amrapali Group, Anshuman Magazine, DDA, Delhi, Dwarka, Glorice Consultancy, Gurgaon, India, land acquisition, Master Plan, Muzaffar Zia, NCR, Real Estate Sector, South Asia Private Limited
