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Real Estate >> News
Farmhouses to be the new face of South Delhi
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siliconindia
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Thursday, September 12, 2013
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New Delhi, the capital of India has rightly been the capital of real estate operations since a long time. The land use policies and development initiatives have been continuously reviewed and adjusted for further progress of realty sector and all its segments. From sanctioning the construction of more number of floors on a plot to expansion and allocation of residential land in the north-western suburbs, the city has undergone a considerable makeover in the last decade.
New Delhi has witnessed an exponential rise of the return on investments in real estate sector, especially in few specific residential pockets. South Delhi is one the most sought after addresses and houses majority of affluent people in the capital city. The rates of premium properties in this pocket have remained upscale since a long time and many instances of sustainable redevelopments have been observed in the residential sector. However, the restructured farmhouse policy, announced by Delhi Development Authority (DDA) is all set to change the pricing equation in South Delhi. The latest farmhouse policy has reviewed the specifications to facilitate accommodation of more farm lands in this area.
Till date the prerequisite of a minimum 2.5 acre land for it to be notified as a farmhouse had restrained the sprawl of farm lands in this area. On the other hand, the latest policy would enable construction activity over a land measuring over one-acre. The change in the policy will foresee addition of farmhouses in huge numbers along with the expansion of construction in the green belt which is also envisioned to accommodate more farmhouses. According to The New Indian Express, the green belt area is also planned to house more farmhouses with 26 more villages being allowed to construct farmhouses.
In pursuance of the policy discussed above, rationalization of rates in the commercial and residential sector of South Delhi is expected to be a first byproduct in the near future. The speculative market had irrational and inflated rate graph for properties in this region. However, with the latest availability of farmhouses as an option of a valuable asset, the current pressure on the land in the already clogged residential colonies is expected to sooth down.
The price rationalization, kindled in the unstable price graph of properties in South Delhi is expected to be a respite for property aspirers in this area. Along with favorable land use policies and sprawling metropolitan region, real estate in New Delhi is expected to uphold the momentum of growth in the near future.
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