With East Delhi Municipal Corporation sanctioning the first layout of an unauthorized colony, East Azad Nagar, property rates of Delhi have almost doubled in the area. Residents say the new status of the colony will help people legally sell off their properties.
Kholi, president, East Azad Nagar claims the property rates have increased from Rs 3 lakh per sq yard to Rs 5 lakh per sq yard.
Interestingly, ever since the colony was approved for regularization in September 2012, builders have started investing in the area. The residents decided to put in money to pay for the layouts so that the colony, which has 83 houses, can get the benefit of regularization. The residents decided to pay for the layouts as what they are getting in return was much more.
In Pandav Nagar’s E and F blocks, residents are thrilled with the sudden jump in property prices. Though majority of the people don’t intend on selling off their properties, but it feels good that the rates have almost doubled. In the last few months, residents say, the situation has changed completely. Now, builders are approaching property owners to sell of their properties and are offering a good deal. In Mahavir Enclave, builders are ready to pay three times the present price.
Once the plan is approved, people can get building plan sanctioned. With the change in status of these colonies, it has become a profitable proposition for builders. Now, they can get the plans sanctioned and sell it off at higher rates. Also, the area will be developed now as the civic agency will now have to earmark funds for its development. Officials say, several RWAs are now coming forward to get the layouts ready. The corporation has finalized the layouts of Pandav Nagar and New Vishwas Nagar.
There are some problems with the layout, but residents will get it rectified. The civic agency wants residents to make provision for a wide road. But as houses have already been constructed they can’t demolish them.
Courtesy :Real Estate News and Trends in India
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