Re­draw­ing bound­aries

What hap­pens when a new dis­trict is added to a metro re­gion? Real­es­tate ac­tiv­ity can see an up­swing, as long as in­fra­struc­ture keeps pace

Hindustan Times (Chandigarh) - Estates - - NEWS - Anub­huti Matta ht­spe­cial­pro­jects@htlive.com

Mak­ing an area part of the greater metro re­gion helps to keep prop­erty prices in check, gives builders an op­por­tu­nity to build more and also helps buy­ers to get more op­tions. ANUJ PURI, chair­man of Ana rock Prop­erty Con­sul­tants

The num­ber of districts in the Na­tional Cap­i­tal Re­gion has grown from 10 in 1985 to 23 to­day. The lat­est ad­di­tion was Ut­tar Pradesh’s Shamli dis­trict in De­cem­ber; in Jan­uary, the UP gov­ern­ment said it is con­sid­er­ing adding Ali­garh, Bi­jnor, Hathras and Mathura too.

So, what hap­pens next? Once a dis­trict is in­cluded in a metropoli­tan re­gion, it is en­ti­tled to funds for de­vel­op­ment from the metropoli­tan plan­ning and de­vel­op­ment au­thor­i­ties.

This means planned de­vel­op­ment ac­cord­ing to a metropoli­tan blue­print rather than the ju­ris­dic­tion of the lo­cal or ru­ral au­thor­i­ties.

“The orig­i­nal dis­trict af­ter be­ing pushed into a new ter­ri­tory is also within the am­bit of the lat­ter’s mu­nic­i­pal bye-laws and gets ac­cess to au­thor­i­ties and de­vel­op­ment plans as an ex­ten­sion of a city,” says Ashutosh Li­maye, head of re­search at realty con­sul­tancy, JLL In­dia.

There’s ac­cess to bet­ter trans­porta­tion, as rail, road, Metro, fly­over and other such links are ex­tended.

Build­ing sanc­tions and rules re­gard­ing FSI and land use come un­der the am­bit of the city’s mu­nic­i­pal­ity.

For the cities, the in­te­gra­tion catal­y­ses eco­nomic, so­cial and civic de­vel­op­ment of the na­tional cap­i­tal be­sides gen­er­at­ing sub­stan­tial in­vest­ments and cre­at­ing am­ple job op­por­tu­ni­ties, adds Anuj Puri, chair­man of Anarock Prop­erty Con­sul­tants.

Paucity of land is a ma­jor fac­tor be­hind new in­clu­sions in ar­eas such as the Mum­bai Metropoli­tan Re­gion (MMR) and NCR.

“By mak­ing an area part of the greater metropoli­tan re­gion, more land is un­locked. This ef­fec­tively helps to keep prop­erty prices in check, gives builders an op­por­tu­nity to build more and also helps buy­ers in get­ting more op­tions within the con fines of a metro.”

WIN-WIN

Glob­ally, the in­crease in real-es­tate val­ues is de­pen­dent on lo­ca­tion, con­nec­tiv­ity, pro­posed in­fra­struc­ture de­vel­op­ment, prox­im­ity to com­mer­cial, ed­u­ca­tional, health, and recre­ational cen­ters, the growth po­ten­tial of the re­gion and the qual­ity of life that it of­fers res­i­dents.

The de­vel­op­ment of neigh­bour­hoods in and around metropoli­tan cen­ters in In­dia is also de­pen­dent on the same.

Apart from in­clud­ing districts such as Thane, Navi Mum­bai, Kalyan, Dom­bivli, Pan­vel, Mira-Bhayan­der, Va­sai, Vi­rar, Raigad and Pal­ghar, MMR has wit­nessed a sig­nif­i­cant shift in the epi­cen­ter of the city north­wards over the past two decades, says di­rec­tor of the Real Es­tate Man­age­ment In­sti­tute, Shub­hika Bilkha. “In­fra­struc­ture de­vel­op­ments such as the trans-har­bour Link, Navi Mum­bai Air­port In­flu­ence No­ti­fied Area, Vi­rar-Alibaug multi-modal cor­ri­dor, which were pro­posed af­ter these districts be­came part of MMR, will fur­ther en­hance the de­vel­op­ment of these re­gions and their realty mar­kets.”

There­fore, for buy­ers, it not only means ac­cess to bet­ter trans­port fa­cil­i­ties and in­fra­struc­ture, but also ac­cess to af­ford­able homes since land parcels in small towns open up op­por­tu­ni­ties for de­vel­op­ers to cash in on the af­ford­able house seg­ment. “Hence, prop­erty prices start to see firm trends and a struc­tured ap­proach,” says Li­maye.

De­vel­op­ers agree that the move works for the bet­ter for them. “We have ac­cess to ready­made by-laws, town plan­ning drafts and most im­por­tantly, in­fra­struc­ture,” says de­vel­oper Dhaval Ajmera.

“In­clu­sion within a greater metropoli­tan area also at­tracts cus­tomers and we can charge ac­cord­ing to city rates rather than the prices of smaller towns,” he adds.

How­ever, it be­comes im­per­a­tive that the gov­ern­ment make ex­ten­sive pro­vi­sions for the proper de­vel­op­ment of in­fra­struc­ture in the newer ar­eas, be­cause con­nec­tiv­ity and in­fra­struc­ture are the ma­jor chal­lenges to the growth of these ar­eas, says Puri of Anarock.

Se­cu­rity is an­other fac­tor. “Ar­eas that are well po­liced and guarded and have easy ac­cess to ef­fi­cient emer­gency ser­vices are bound to gar­ner more in­ter­est from buy­ers,” Puri adds.

IL­LUS­TRA­TION: SHRIKRISHNA PATKAR

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