Delhi: Turning unaffordable, but hopes high

Feb 23 2013, 09:47 IST
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The National Capital Territory (NCT) is the second most populous metropolis in India after Mumbai. (Reuters) The National Capital Territory (NCT) is the second most populous metropolis in India after Mumbai. (Reuters)
SummaryThe National Capital Territory (NCT) is the second most populous metropolis in India after Mumbai.

farmhouses which will have FAR of 15 to 20 for a one acre of plot.

Land Pooling Policy: This policy in new zones will bring up large contiguous parcels with infrastructure facilities by development authorities where group housing would be allowed.

Increased FAR Policy: There is also a say on increase of FAR of 400 to 600 in the Zones L, M and N.

There is a wave of builder floors happening in entire north and south Delhi. The fascination for exclusive addresses is the driving force behind these areas. Some of the areas where such activity is taking place are: Rohini, Punjabi Bagh, Kamla Nagar, Prashant Vihar and North Campus. In these areas, builder floors are available in the range of Rs 12,000 – 40,000 per sq ft.

The areas like Defence Colony, Greater Kailash, Green Park, Malviya Nagar, Maharani Bagh and Chhatarpur are prime residential areas in South Delhi. In these areas the builder floors are available in the range of Rs 20,000 – 55,000 per sq ft.

These developments in north and south Delhi will be impacted by the one acre farmhouse homes that would come up in Zone J or upcoming Zones L and N. This policy will lead to a flourishing villa market in Delhi NCR as compared to overpriced builder floors. In these new zones, the owners will be able to get a villa of larger size, i.e. 4,000 – 8,000 sq ft, against the builder floor of 1,500 sq ft within the same price.

Most of the mid-income housing stock in Delhi is developed by DDA. The authority, from time to time, announces schemes for various categories of flats. Trading in these flats is a Delhi investor's pastime and most of the stock is overpriced (Rs 8,000–15,000 per sq ft in various parts of Delhi).

Some cooperative housing societies have also come up but again no fresh permissions are being given, leading to overpriced stock. Other than DDA some key developers in the real estate have come up with their housing projects in Delhi under special schemes as seen in the table.

The other area being developed by private developers is Dwarka. This area has maximum number of multi-storey apartments and co-operative housing flats available. The most important factor in pumping the housing boom of Dwarka is Delhi Metro. There is also a diplomatic enclave which is proposed in Sectors 26, 27, 28 and 29 that will house embassies of

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