There seem to be a great demand for the recently regularised unauthorised colonies in Delhi. According to builders, the rates in these colonies increased over two-fold since the announcement of regularisation. The buyers are eyeing the plots and flats in these colonies. For, the regularisation has assured full ownership and availability of bank loans. The government is also pumping in huge money for infrastructural development. The rates are seeing a sudden upward jump in unauthorised colonies, which are waiting for regularisation.
‘The buyers hope they will get complete ownership on which they can avail bank loan and other facilities. The government has released crores of rupees for infrastructural development such as sewage system, roads, water connection and development of parks in these colonies,’ said Babloo Pandey, a property dealer in New Ashok Nagar in east Delhi.
The present rate of plot on 60 Feet main road has increased from Rs 2 lakh per sq yard to Rs 5 lakh per sq yard after the announcement of the regularisation. Inside the colonies, which are connected with 18 feet or smaller roads, the price has jumped to Rs 1.5 lakh to Rs 2 lakh per sq yard. Before the announcement in August, it was between Rs 50,000 and Rs 60,000. A two BHK room in this area presently costs Rs 30-35 lakh, which was Rs 15-20 lakh in pre-regularisation stage.
‘The rates of properties in recently regularised colonies have increased at least 80 to 90 per cent in Delhi. Some colonies have even seen a three -fold increase,’ added Pandey. In Deep Vihar for instance, the rates has increased from Rs 25,000 per sq yard to Rs 80,000 per sq yard.
Similarly, in Raj Vihar colony in Rohini, north Delhi, the rates has increased from Rs 15,000 - Rs 20,000 per sq yard to Rs 35,000- Rs 50,000 per sq yard. In Ganga Ram colony in Rithala, the rates have increased from Rs 25,000-Rs 30,000 per sq yard to Rs 50,000-Rs 55,000 per sq yard. Similarily, Budha Vihar Phase the present rate is now Rs 75,000 to Rs 80,000 per sq yard, which was around Rs 20,000 per sq yard in pre-regularisation period.
The unauthorised colonies in south Delhi are also facing the steep hike of average 80-90 per cent and rates have almost doubled in most of the colonies. Property rates in colonies like Okhla Vihar, Okhla and Ekta Vihar have doubled after the announcement of regularisation.
The high demand has also spruced up illegal construction and builders are constructing additional floors on their plots and selling it to customers.
However, in some areas, while only 49 metres and a maximum of three-and-half floors are allowed, the builders have constructed six to eight floors. ‘The buyers must be cautious about purchasing the flats as all the construction violating building norms would be demolished,’ said S S Yadav, Commissioner East Delhi Municipal Corporation.
‘The buyers hope they will get complete ownership on which they can avail bank loan and other facilities. The government has released crores of rupees for infrastructural development such as sewage system, roads, water connection and development of parks in these colonies,’ said Babloo Pandey, a property dealer in New Ashok Nagar in east Delhi.
The present rate of plot on 60 Feet main road has increased from Rs 2 lakh per sq yard to Rs 5 lakh per sq yard after the announcement of the regularisation. Inside the colonies, which are connected with 18 feet or smaller roads, the price has jumped to Rs 1.5 lakh to Rs 2 lakh per sq yard. Before the announcement in August, it was between Rs 50,000 and Rs 60,000. A two BHK room in this area presently costs Rs 30-35 lakh, which was Rs 15-20 lakh in pre-regularisation stage.
‘The rates of properties in recently regularised colonies have increased at least 80 to 90 per cent in Delhi. Some colonies have even seen a three -fold increase,’ added Pandey. In Deep Vihar for instance, the rates has increased from Rs 25,000 per sq yard to Rs 80,000 per sq yard.
Similarly, in Raj Vihar colony in Rohini, north Delhi, the rates has increased from Rs 15,000 - Rs 20,000 per sq yard to Rs 35,000- Rs 50,000 per sq yard. In Ganga Ram colony in Rithala, the rates have increased from Rs 25,000-Rs 30,000 per sq yard to Rs 50,000-Rs 55,000 per sq yard. Similarily, Budha Vihar Phase the present rate is now Rs 75,000 to Rs 80,000 per sq yard, which was around Rs 20,000 per sq yard in pre-regularisation period.
The unauthorised colonies in south Delhi are also facing the steep hike of average 80-90 per cent and rates have almost doubled in most of the colonies. Property rates in colonies like Okhla Vihar, Okhla and Ekta Vihar have doubled after the announcement of regularisation.
The high demand has also spruced up illegal construction and builders are constructing additional floors on their plots and selling it to customers.
However, in some areas, while only 49 metres and a maximum of three-and-half floors are allowed, the builders have constructed six to eight floors. ‘The buyers must be cautious about purchasing the flats as all the construction violating building norms would be demolished,’ said S S Yadav, Commissioner East Delhi Municipal Corporation.