By December, 50,000 affordable homes may be on offer in NCR – ET RealEstate

GURUGRAM: NCR’s affordable realty market seems to be making an impressive rebound, despite the general gloom triggered by the pandemic. This inference can be drawn from the latest projections by real estate consultants Anarock and other industry experts that around 50,000 affordable homes, including 16,000 in Gurgaon, would be up for grabs by this year end.

Currently, some 1.8 lakh affordable homes (below Rs 40 lakh) are at various stages of construction in NCR. In Haryana, some 110 affordable housing licences have been issued by the department of town and country planning (DTCP) since 2014, with the major share in Gurgaon and Sohna. Though around 80,000 units have been sold, only 22,000 have been delivered to date.

Industry experts say with markets opening up and business returning to normal, the residential real estate market seems to be coming back on track.

Anuj Puri, chairman of Anarock, said that in NCR, a total of 1.16 residential real estate units are scheduled for completion in 2021. “Of these, at least 43% are in the affordable segment, 39% in the mid-segment, 13% in the premium segment and 5% in the luxury segment,” he said.

Pradeep Aggarwal, chairman of the Signature Global Group, agreed. “Fast-paced growth in places like MG Road and Cyber City generated a ripple effect that pushed development to new areas such as New Gurgaon, Southern Peripheral Road (SPR) and Sohna. The state government’s increased focus on affordable housing is assisting in the growth of these neighbourhoods, where over 40% of units cost less than Rs 50 lakh.”

Surinder Singh, director of the GLS Group, said that so far only 22,000 affordable housing units have been delivered though around 80,000 units were sold in the past seven years. “We estimate around 50,000 units are going to be delivered by the end of 2021,” he said.

By December, 50,000 affordable homes may be on offer in NCR
Vikas Garg, deputy managing director of MRG World, said that many people felt that challenges related to income generation during the second wave of Covid-19 will damage the housing market, causing consumers to postpone home purchases. “However, the affordable and middle-income housing segments are witnessing a significant movement,” he said.

District town planner RS Batth, on his part, said that the department is strictly monitoring the progress of affordable housing projects. “Around 10 developers have been served showcause notices for delay in completion of 12 such projects in Gurgaon.”

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Delhi: LG approves relocation of slum dwellers of three JJ clusters to EWS flats – ET RealEstate

NEW DELHI: Delhi Lt Governor Anil Baijal on Tuesday approved the relocation of slum dwellers of three JJ clusters to the built-up EWS flats under PM Aawas Yojna (PMAY), Urban.

The Lt Governor (LG) today chaired the meeting of the Delhi Development Authority (DDA) officials.

Among the key proposals approved by Baijal include the relocation of the slum dwellers of three JJ clusters — GP Block, Pitampura, Kohat Enclave, Pitampura and Golden Park to the built-up EWS (Economically Weaker Section) flats under PM Aawas Yojna (PMAY), Urban.

Permission for allotment of EWS houses constructed at A-14, Kalkaji Extension to the eligible JJ dwellers of Bhoomiheen Camp, Kalkaji Extension under in-situ Rehabilitation Project was also approved.

Delhi government will now set up an international sports complex in Sector-19 (I), Dwarka.

Further, the inclusion of multi-storied flats along Baba Kharak Singh Marg and Pt. Pant Marg, near GPO New Delhi under Redevelopment area in Zonal Development Plan (ZDP) for construction of multi-storied flats for Lok Sabha MPs has been approved by Baijal in the meeting.

LG approved “Policy and Procedure” for permission and regularization of Additions/ Alterations of DDA flats. Modification in MPD-2021 to “Additional Development Control” norms for areas notified under Land Policy has been approved.

Notably, LG also gave a nod to the proposal for change of land use of the land allotted to Ministry of Home Affairs for facilitating the construction of Transit Camp for CRPF near New Delhi Railway Station.

LG also gave his permission for change of land use of the land at Idgah Road for construction of multilevel car parking.

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Delhi: Norms for alterations, additions to DDA flats streamlined – ET RealEstate

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NEW DELHI: In a decision that is likely to benefit lakhs of people living in DDA flats, the policy and procedures for regularisation of additions and alterations have been amended and streamlined.

DDA has also clarified that all residents have right to access terraces and common staircases and these are not for the exclusive use of any individual owner or group of owners.

“While the policy& procedures already exist, amendments and clarity were needed on some issues,” said an official.

DDA clarified that common areas, including terrace and common staircase extended to the terrace of an apartment block, shall remain common to all residents or owners of the block and cannot be used by any particular resident or owner or group of residents or owners exclusively.

“Water tanks and many common services are located on terraces, but in some places people on the top floors restrict access by making them exclusively their own. Also, in many old DDA flats, one needs to enter the topmost flat to access the stairs leading to the terrace. This leads to altercations sometimes as for other residents, accessing the terrace means taking permission from top floor residents,” said the official.

The official added, “Now, it will be ensured that everyone has equal access to these services and if staircases have to be accessed through someone’s flat, another access will be allowed to be created. These are very small things, but matter a lot for harmonious and co-existential living. We are streamlining the processes and adding new provisions.”

“We have also allowed covered verandahs and balconies and these can be legalised by payment of charges. For other alterations and additions, flat owners can submit the plan and get them authorised after paying charges. The amended policy touches very basic but important things, like installation of split airconditioner units. We have tried to make it public-friendly,” the official said.

The policy and procedures were formulated in 2007, but regular complaints from allottees were being received by DDA and the municipal corporations regarding interpretation of provisions, leading to disputes and court cases, a DDA spokesperson said. Under the policy, installation of solar panels for domestic use would be allowed. Requests for allowing installation of charging points for electric vehicles would be examined separately.

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RBL Bank’s MD buys bungalow in Delhi’s Golf Links for Rs 80 crore – ET RealEstate

Vishwavir Ahuja, managing director and CEO of RBL Bank, has acquired a bungalow in the Golf Links neighbourhood of New Delhi’s Lutyens Zone for Rs 80 crore, three persons aware of the development said.

The 575 sq yard property belonged to a family living in London and the property deal was registered on Tuesday, documents accessed by ET showed.

With 1.3 lakh per sq ft, the deal is in line with the previous transactions in the area reflecting nil Covid-19 impact on pricing.

Sixteen bungalows were sold in Golf Links in 2020, the highest in a year in recent times, as the pandemic increased demand for ultra-luxury properties with open spaces.

“While Covid-19 has increased the demand for bigger homes, the second wave has pushed the demand further. With uncertainty over lockdown, HNIs prefer to stay at home where they have access to all the facilities,” said Pradeep Prajapati, head of luxury residential services at IQI India.

Because of the gated colony and proximity to New Delhi hotspots, Golf Links has emerged as the preferred destination for HNIs.

With bungalows of different sizes available, the area has witnessed the highest number of transactions and many others are also in the pipeline.

Ahuja and RBL bank did not respond to a mailed query until the filing of the report.

“There could be some surge in registration and sales of high value deals given that the 20% cut in circle rates in Delhi will come to an end on September 30. We are already seeing a higher number of registrations ever since the lockdown was lifted,” said Sandeep Reddy, co-founder

South Delhi and the Lutyens Bungalow Zone, New Delhi’s answer to London’s Greenwich or Mayfair, have registered the highest number of property registrations in three years through a Covid-ravaged FY21, with uber-rich investors buying assets in areas where demand usually outruns supply.

Demand for ultra-luxury properties in neighbourhoods such as Vasant Kunj, Vasant Vihar, Golf Links, Sunder Nagar and Shanti Niketan was high, with 1,991 deals registered in FY21. By contrast, 1,780 transactions were recorded the previous year.

Some of the latest transactions in South Delhi and Lutyens Delhi include those by JC Chaudhary, the founder of Aakash Educational Services Ltd: He bought a 5-acre farmhouse in South Delhi for around Rs 96 crore and another bungalow in Vasant Vihar.

Sunil Vachani, chairman and managing director of Dixon Technologies, purchased a 1,250 square yard bungalow in Golf Links for around Rs 170 crore and Ashok Jaipuria, the founder of Cosmo Films, bought a 1,200-square-yard bungalow in South Delhi’s West End Colony for about Rs 80 crore a few months ago.

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