Property prices in colonies marked for regularization witness hike
New Delhi: Following the legal approval given by the East Delhi Municipal Corporation to the first layout of an unauthorized colony, East Azad Nagar, the property prices in the area have almost doubled.
The residents of the colony are hopeful that the colony’s new status will help them in selling off their properties with good profit. As they could not get their properties in the colony registered till date, all property dealings were carried out only through general power of attorney. Even that was not allowed from past one year as the government refused to accept GPA.
Subhash Chand Kholi, president of East Azad Nagar RWA, said that ever since the plan was approved, property rates have almost doubled in the area. He said that the property rates have increased from Rs 3 lakh per sq yard to Rs 5 lakh per sq yard.
East Azad Nagar colony, which has 83 houses, was approved for regularization in September 2012. Since then many developers have started buying plots in that area. The residents planned to pool in money to pay for the layouts so that the colony can get the benefit of regularization.
The sudden hike in property rates have made the residents very happy, especially in Pandav Nagar’s E and F blocks. Although many are not planning to sell properties, they are extremely happy about the growing value of their assets.
Residents said that the scenario of the colony has highly changed in the last few months. It has become a profitable proposition for many builders as they are approaching property owners asking them to sell of their properties and are offering a good deal. Now, they can get the plans sanctioned and sell it off at higher rates. Developers are ready to pay thrice the present value in Mahavir Enclave.
The area is likely to be developed hereafter as the corporation will have to earmark funds for its development. The officials of the civic agency said that several RWAs are coming forward to get the layouts ready. The corporation has finalized the layouts of Pandav Nagar and New Vishwas Nagar, they added.
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