Monday, 19 September 2011

Real Estate in Delhi, NCR, India

Posted By Global Linkers
The housands of homebuyers who do not have a permanent address in the national capital will have several options to choose from once the land development policy, which is pending in the urban development ministry, is finalized. Currently, they are dependent on satellite townships of Delhi like Noida, Greater Noida, Ghaziabad, Faridabad, Gurgaon, etc.
According to DDA, Delhi has still 27,628.9 hectares of land to fulfil the dreams of thousand of homebuyers. For this, DDA has earmarked these land zones as J, K1, K2, M, N, L, O, P1 and p2. As per projections worked out in MPD (Master Plan of Delhi), a total of 24 lakh dwelling units are required for a projected population of 23 million by 2021. The break up of this are: 7 lakh up to 2011, 9 lakh between 2011 and 2016, and the rest 8 lakh between 2016 and 2021. This includes new independent plot and redevelopment, group housing, employer housing, housing in unauthorized but regularized colonies, and other housing by upgradation of old areas and traditional villages.
Sources claim that 277 sq km is available for future urbanization till 2021. In the last fifty years, DDA has acquired 75,609.84 hectares and developed it for residential, recreational, commercial and institutional purposes. Now, with better planning, DDA intends to provide more amenities to people. In the last 40 years, DDA constructed 3.5 lakh flats. Despite this, even 1% of the population of Delhi has not been able to buy DDA flats in these years. Due to lack of housing facilities in Delhi, 10 lakh people of Delhi are dependent on nearby satellites towns of the NCR belt.
Records say that 15 years ago, DDA was constructing nearly 10,000 flats every year. But for the last few years, DDA has not been able to construct even 5,000 flats per year. Ram Gopal Gupta, former additional commissioner planning in DDA, says: “There is a huge housing crisis in Delhi and it is only getting worse with the rising population every year. To meet the housing demand, proper policies should be formulated for all the factors that go into the construction industry, namely, land, labour, capital, entrepreneurship, and physical, social, ecological and economic infrastructure. These will be feasible only if rational and scientific policies are adopted at the Centre, state and city-levels by the ministry of urban development, various development authorities, housing boards, cooperative housing societies and the private sector.”
Source: Times property

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