Check your ad­dress if you plan to tie the knot

Res­i­dents of a DDA colony say they found it hard to get good matches for their chil­dren un­til they re­named the com­plex

HT Estates - - Front Page - Jee­van Prakash Sharma

Does the place where you live have a bear­ing on your mat­ri­mo­nial prospects? Go­ing by what the res­i­dents of Rani Jhansi Com­plex, a DDA group hous

ing so­cie- ty near Jhan­de­walan, have to say, it ap­par­ently does. The re­cent change in the name of their colony has changed their life, they claim. When the colony was planned way back in 1980s by DDA, it was named Mo­tia Khan DDA com­plex. Cen­trally-lo­cated this colony has grad­u­ally emerged as one of the af­flu­ent res­i­den­tial ar­eas in Delhi, but then due to its name, Mo­tia Khan, which seemed to have come straight from the me­dieval ages, the res­i­dents say they were con­fronted with some prob­lems. “One, we were not et­ting good mat­ri­mo­nial of­fers for our chil­dren and two, par­ents had to go through a lot of trou­ble to get their chil­dren ad­mit­ted to

good schools. Due to its name, peo­ple thought we were liv­ing in an old, lower mid­dle class colony,” says Chamal Lal Mar­wah, the res­i­dent wel­fare as­so­ci­a­tion (RWA) pres­i­dent of the com­plex.

Peo­ple in the colony, which has about 90,000 res­i­dents, in­clud­ing IAS of­fi­cers, doc­tors, engi­neers etc, were fed up with mar­riage of­fers com­ing in for their daugh­ters from rel­a­tively lower mid­dle class ar­eas nearby. In 2007, the RWA, with the sup­port of all the res­i­dents of the colony, made an ap­pli­ca­tion to the MCD to change the name of the colony to Rani Jhansi Com­plex as one side of the colony opened to­wards Rani Jhansi Marg.

“We ar­gued that nam­ing the colony would be a true trib­ute to the wo­man who fought bravely against the Bri­tish. Our ef­forts bore fruit as in 2007 the name was changed. Now we have good mat­ri­mo­nial of­fers for our daugh­ters from af­flu­ent colonies such as Vas­ant Kunj, Greater Kailash etc,” says Lal.

Rachna Sharma, a school teacher, who has been liv­ing here for the last eight years, says, “pub­lic and con­vent schools give us more im­por­tance now. Not only that, it has en­hanced our sta­tus too.”

In­ter­na­tional real es­tate in­vestors have shown limited in­ter­est in In­dia in 2012. The coun­try has wit­nessed 6% quar­ter-on-quar­ter growth in di­rect com­mer­cial real es­tate in Q1 2012, as com­pared to China which has seen neg­a­tive growth of -45%. How­ever, China per­formed bet­ter in Q2 2012 on the back of one mega deal. In Brazil, in­vest­ment vol­umes seem to be reach­ing a more ‘nor­malised’, sus­tain­able pace fol­low­ing the su­per­charged 2010-2011 pe­riod.

These ob­ser­va­tions were made by Colin Dyer, global CEO, Jones Lang LaSalle, af­ter a visit to In­dia.

Broadly, he said, In­dia has seen roughly $18 bil­lion be­ing in­vested in real es­tate over the past seven years. With $3.4 bil­lion of ex­its, In­dian real es­tate per­for­mance has not been ex­cit­ing for the for­eign in­vestor. How­ever, In­dia re­mains an at­trac­tive in­vest­ment op­por­tu­nity and for­eign in­vestors are def­i­nitely still par­tic­i­pat­ing in sit­u­a­tions that of­fer higher riskad­justed re­turns.

“The chal­lenges that I see for In­dian real es­tate, now and in the near fu­ture, are the ex­pen­sive­ness of liq­uid­ity for real es­tate, the lack of avail­abil­ity of ser­viced ur­ban land, con­tin­u­ing pro­ce­dural de­lays in ap­provals, the slow pace of in­fras­truc­tural growth and the fact that the coun­try still has rel­a­tively low trans­parency in real es­tate terms,” Dyer said.

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