The real estate business is abuzz since guidelines to the Land Pooling Policy were notified. Several builders have already begun the process of asking them to “invest before it gets late”. While consumers are puzzled, experts suggest they must wait at least until the implementation of the policy begins.
For the past decade, due to lack of potential for future development in the city, satellite towns of Gurgaon, Noida and Ghaziabad have been growth drivers of real estate across NCR. However, with the path-breaking Land Pooling Policy, this may change soon.
The coming decade will see affordable housing available in Delhi at a price range similar to these satellite towns. According to experts, rates of the 24,000 dwelling units expected to come up in zones L, N, K-I, P-II and J shall vary between Rs. 5,000 and Rs. 12,000 per square feet.
Several builders have already bought plots from farmers, prepared models of housing projects and are now looking for buyers. Most of this activity is being witnessed in zones L, P-II and N which includes areas like Libaspur, Samaypur, Mukundpur, Kanjhawla, Sawda, Khera Khurd, Bawana, Chhawla, Najafgarh and Ujwa. These zones will also have metro connectivity under Delhi Metro’s Phase IV projects.
“It won’t be a good idea for people to invest right away as no one knows when the Delhi government will declare the 95 villages as development area. The policy might get stuck and so will the money. It is good to invest once the policy is ratified,” said Vijayant Vikram of Delhi Smart Cities, a consultancy firm.
