Land in Delhi has witnessed a steep surge in its prices in the green belt areas in 27 villages on the periphery of Delhi after the Delhi Development Authority notified the zone recently.
Now, the R-Zone areas are awaiting notification, which could be anytime soon, as the time limit for sending in suggestions is over with regard to the publication dated April 18, 2013.
The time limit, which usually is kept at 90 days after the publication, has been kept at 45 days this time showing the intent of the government to implement the Master Plan for Delhi-2021 (MPD-2021) before the Delhi state assembly elections scheduled for November this year.
The maximum activity has been noticed in Zone-L, which falls between NH-8 and NH-10. The yellow area shown in the attached map describes the residential demarcated area as per MPD-2021.
Realty experts say that the last two months saw the price escalate in the green belt areas; earlier ranging from Rs 1.50-2.50 crore per acre they are now quoting at around Rs 4-6 crore per acre, while the residential zone land saw an increase from Rs 2.5-3 crore per acre to around Rs 4-4.5 crore per acre now. The policy for residential zone is still to be notified, which is likely to be declared soon. This would entail a further increase of about 50% in peracre land prices in this zone, according to experts. According to industry estimates, the potential for price appreciation is much more in view of the current undercurrents and also considering the demand and market projections for the finished products’ persquare-feet prices.
A small group-housing project over 10 acres would likely have about 7,00,000 square feet of covered area, which is expected to fetch not less than Rs 8,000 per square feet, whereas the total input by the developer is not expected to cross the Rs 3,500 per square feet mark. The profitability is manyfold also when compared to the per-square-yard prices prevailing in areas near the proposed R-Zones, experts say.
The current land prices are not less than Rs 1 lakh per square yard around these areas, which is very lucrative and may prove to be a boon to the investor community provided they act swiftly. Realty experts say that after the notification on R-Zone land-pooling policy is approved, prices would zoom to cross the current limits of the green belt, which is already at the Rs 6 crore-per-acre mark, and the possibility of getting land to buy would then recede.
The upswing in residential zone land prices in Zone-L are likely to be higher in comparison to other zones, as these boast of several USPs, namely: proximity to the airport through Dwarka, access to Gurgaon, close proximity to the forthcoming 173-acre 18-hole golf course, and the planned second diplomatic enclave in Dwarka attracting VVIP security and its excellent ambience.
Other attractions of the area: The forthcoming Haritima Tourist Complex, an adventure sports complex and an eco-park in village Kanganheri; two wide roads, UER I & UER II, running all through this zone being constructed; a new four-lane road from Dwarka to Dhansa-Badli-Jhajjar covering a 43km stretch that enables most of this area easily accessible by well-constructed metal road.
Realty experts say that in the near future this area would be competing with the well-maintained South Delhi, as far as land prices and demand is concerned; the area is also in close proximity to South Delhi.
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.
Alok Kumar Upadhayay