Regularization of Colonies Leading to Surging Property Prices

52 Regularization of Colonies Leading to Surging Property Prices

A number of localities in Eastern Delhi have been fighting will the problem of non-approval of the layouts of the colonies. With the approval of first layout, the buy and sale o properties will certainly boot up. Read on to learn more about the topic!

The East Delhi Municipal Corporation has sanctioned the layout of its unauthorized colony, East Azad Nagar. After the approval of the first layout, the prices of properties in the area have already doubled and are expected to increase more in future. The dwellers of the areas who were earlier worried about the status of their properties are now relaxed because the layout sanction will allow them to sell their properties legally.

The properties in these areas were not registered and the real estate deals were done through the general power of attorney (GPA). However, no real estate deal took place in the year 2012 because the government did not accept GPA. Thereafter, the layout was approved and thereby led to double capital rates in the area.

Property prices in other areas

Other east Delhi regions like Laxmi Nagar and Pandav Nagar also experienced boom in the prices of properties. However, according to a resident of one of the areas, no one is yet planning to currently sell the property, but it’s certainly good news for those who will be selling the properties in future, because of the excellent returns of investment in future.

Even the prices of flats in Laxmi Nagar have also almost doubled, because of the rapid infrastructural development of the area. According to the residents, the real estate situation has completely changed. Nowadays, developers are not hesitant to contact the property owners and convincing them to sell their properties and in return, offer some good deals. In some of the localities like Mahavir Enclave, one can understand the booming real estate value of the area with the fact that these developers are ready to willing to pay the owners almost three times the current price.

Earlier the prices of properties in East Azad Nagar were Rs. 3 lakh per square yard, which has already reached to Rs. 5 lakh per square yard, which is certainly good news for the sellers as well as the builders who are looking forward to take advantage of the situation.

Future prospects

With the approval of the layout of the colony in September 2012, the developers have started their plans to invest in the area. Interestingly, the residents of the area decided to share the amount required to pay for the colony layouts, the colony has 83 houses which will certainly be benefitted with the process of regularization. The decision of paying out for colony layout was taken by the residents seeing the future benefits, Kohli said.

After the approval of the plan, the building plans will be sanctioned that will change the status of the colonies. Such conditions are indeed ideal for the builders who will remain in profitable position. They can get the layouts sanctioned and sell the properties at higher rates. If the market analysts are to be believed, several resident welfare associations (RWA) are taking steps to get the plan ready. The plans of Pandav Nagar and New Vishwas Nagar have already been finalized.

Though the layouts have been finalized, still there remain some problems which need to be corrected. The civic agency will be taking care of the developments in the area and will look after other infrastructural developments such as construction of wider roads. The already constructed homes will not be demolished, as informed by the officials and the market analysts.

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