Real Estate in South West Delhi soon will reach a promising height
South West Delhi real estate sectors will soon compete with NCR real estate sectors as land prices in the green belt areas of 27 villages on the periphery of Delhi have seen a steep surge after the Delhi Development Authority notified the zone recently.
According to the publication dated April 18, 2013, few zones like the ‘R Zone’ are awaiting notification as the time limit for sending in suggestions has expired.
The modifications in the zones are expected to be implemented in 45 days and the government intends to do the necessary changes in the Master Plan for Delhi-2021 as well. This is expected to happen before the Delhi state assembly elections scheduled for November this year.
The maximum real estate growth has been noticed in ‘L zone’, which falls between NH-8 and NH-10.
Price trend recorded:
According to realty experts, the prices of the green belt witnessed escalation ranging from Rs 1.50 – 2.50 crore per acre. The prices are now quoted at around Rs 4 – 6 crore per acre, whereas residential zone land saw a new hike from Rs 2.5 – 3 crore per acre to around Rs. 4 – 4.5 crore per acre.
The new policy for residential zone is yet to be drafted. This will increase the land price by 50% per acre land in this zone.
According to the growth graph, the potential for price appreciation is much more in view of the current price trends and also considering the demand and market projections for the finished products’ per square-feet prices.
Expert’s views:
Small group-housing project over 10 acres would likely have about 7, 00,000 square feet of covered area. This will fetch not less than Rs 8,000 per square feet. When compared with the total input by the developer, it is not expected to cross Rs 3,500 per square feet mark.
Hence, profitability is manifold also when compared to the per-square-yard prices prevailing in areas near the proposed R-Zones.
Recent land prices:
This area is quoting around Rs 1 lakh per square yard. This will be the factor which will become a boon to the investor community provided they act swiftly.
Whereas, land prices in South Delhi are currently quoting at not less than Rs 10,00,000 per square yard, whereas the prevailing rate of around Rs 5 crore per acre, or Rs 10,000 per square yard, in this area is a mere hundredth of the South Delhi prices, which is sure to elicit the interest of investors in this area.
Land pooling policy has been approved, so the prices might skyrocket to cross the current price range of the green belt. The prices in green belt are already at Rs 6 crore-per-acre mark; hence the possibility of getting land to buy would then recede.
The preferable residential zone which will have an upswing in land prices is ‘Z zone’. This zone is likely to be in the higher price range as compared to other zones, which can be attributed to several factors such as proximity to airport through Dwarka. Connectivity to Gurgaon is in close proximity to the forthcoming 173-acre 18-hole golf course. As per news the area is planned to be the second diplomatic enclave in Dwarka attracting VVIP security and its excellent ambiance.
Forthcoming projects like Haritima Tourist Complex, along with an adventure sports complex and an eco-park in Kanganheri village, two wide roads, UER I & UER II are the peak points of attraction for the investors. Also, a new four-lane road from Dwarka to Dhansa-Badli-Jhajjar covering a 43 km stretch that enables most of this area easily accessible by well-constructed metal road.
Readers take:
In future this place would be competing with the well-developed South Delhi, as far as land prices and demand is concerned.
As these residential areas of these zones are new and are seeing a hike in prices. This would be a good time to invest for future returns.
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Farm house in Capital gets a new policy
Sonipat- kundli: A realty hotspot in NCR
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