Where chaos pre­vails

HT Estates - - NEWS - Harini Sri­ram

When the Cen­tral Mar­ket in La­j­pat Na­gar–II was cre­ated, some­time in the 1970s, it had just a few shops scat­tered around. To­day, though, it is home to hundreds of stores cater­ing to in­ter­na­tional tourists and lo­cals alike. While the mar­ket is among the most thriv­ing com­mer­cial real es­tate sec­tors in South Delhi, it does have its share of prob­lems. Ram­pant com­mer­cial­i­sa­tion in La­j­pat Na­gar–II has af­fected the qual­ity of life in res­i­den­tial pock­ets in and around the mar­ket area. As San­thosh Ku­mar, CEO – op­er­a­tions, Jones Lang LaSalle, points out, “Con­ges­tion has al­ways been a sore point for La­j­pat Na­gar -II. The sit­u­a­tion is much worse now. Crack­downs on il­le­gal con­struc­tion and in­creased con­ges­tion have re­sulted in a tem­po­rary drop of around 10% in prop­erty prices. With the Metro com­ing in, prices are ex­pected to pick up, par­tic­u­larly in ar­eas that fall close to the metro line.”

La­j­pat Na­gar was formed in the 1950s pre­dom­i­nantly as a re­sult of large-scale mi­gra­tion of Hin­dus and Sikhs from the newly formed Pak­istan ter­ri­tory. Houses were al­lot­ted to th­ese refugees by NDMC (New Delhi Mu­nic­i­pal Coun­cil) and grad­u­ally th­ese sin­gle-storey ten­e­ments were ex­panded to pave way for larger multi-storey build­ings; while some oc­cu­pants razed down their houses to con­struct new ones, a ma­jor­ity of owners ren­o­vated the al­ready ex­ist­ing struc­ture. The area has come un­der the scan­ner fre­quently for il­le­gal con­struc­tion and vi­o­la­tions, forc­ing the MCD (Mu­nic­i­pal Cor­po­ra­tion of Delhi) to de­mol­ish hundreds of such struc­tures. Now, al­though the sit­u­a­tion is un­der con­trol, there are still stray in­stances of builders flout­ing norms. De­spite this, La­j­pat Na­gar–II con­tin­ues to be an at­trac­tive op­tion for res­i­den­tial prop­er­ties, thanks to smaller plot sizes and rea­son­able prices/ rents, as com­pared to other ar­eas in the vicin­ity. Ku­mar ex­plains, “La­j­pat Na­gar-II has smaller plot sizes avail­able - 100 sq yd, 150 sq yd, 200 sq yd and 330 sq yd. Prop­erty op­tions avail­able ma­jorly in this area are builder floors. Ex­cept for DDA (Delhi De­vel­op­ment Au­thor­ity) flats, there are no apart­ments as such. Many of the stand­alone houses are also be­ing even­tu­ally pur­chased by builders to con­struct builder floors. Ma­jor­ity of the new con­struc­tion be­ing de­vel­oped by builders has a base­ment, park­ing and a G+3 for­mat. So La­j­pat Na­gar–II, in terms of real es­tate op­tions avail­able, is es­sen­tially a good fit for those want­ing to buy or take smaller ar­eas on lease. Avail­abil­ity of small area floors/plots keeps the real es­tate mar­ket buoy­ant in terms of trans­ac­tions, as it is eas­ier to find buy­ers for smaller ar­eas and thus


Newspapers in English

Newspapers from India

© PressReader. All rights reserved.