Planned development at Ashok Vihar- Delhi Real Estate
Ashok Vihar is a planned metropolitan area like Delhi, with schemed colonies and plot houses. There is no sign of development or construction by private developers in near future.
This particular area is witnessing a hike in independent floor development on normal housing schemes. Local builders and brokers play a significant role in this along with strong support from the owners of the respective plots. In this construction agreement, the four storey house will be so divided that the builder gets to rent or sell one storey while the owner will have the remaining three storey. Builders have a combination of liquidity in this sort of agreement as his job is just to conduct the construction.
In return, the home owners need not pay a buck to get a beautiful new house that can either be used or sold storey by storey. There had been outright sale as well but very rare. This takes place only when the builder is lucky to become the only owner of the home by buying it from the previous owner at present market price.
The area plots in Ashok Vihar are approximately measured at around 150 to 400 square yard. The present valuation of the lands in this region is about Rs. 4, 00,000 -4, 50,000 per square yard. The major amount of traction regarding sales is experienced in 150-200 square yard plots. Each floor in these plots is priced between Rs. 15,000 to 20,000 per Square feet. The size of the apartments might vary from 1100-1500 sq ft. which makes the unit cost Rs. 2.0 crore or more. The price of the first floor and upper ground are comparatively higher than that of the second storey and barely varies but the highest price is that of the top-most storey as it has special rights to the roof.
The Delhi construction rules include stilt parking along with four storeys in residential complex. The most common development is the independent floor development. Most of these floors are aided with modular kitchen, woodworks for cabinets and wardrobes and marble flooring.
Source:
Money Control
