Lit­i­ga­tion is­sues ham­per­ing work on Ex­press­way need to be re­solved

The de­lay in com­ple­tion of cer­tain stretches of around 4 km along the Dwarka Ex­press­way is the ma­jor damp­ener

HT Estates - - HTESTATES -

The ma­jor damp­ener so far has been the de­lay in the com­ple­tion of cer­tain stretches of the Dwarka Ex­press­way. As many as 500 fam­i­lies that will be dis­placed in the process had protested the con­struc­tion and the lit­i­ga­tion had de­layed the project. The dis­puted sec­tors in­clude New Palam Vi­har sec­tors 100, 102 and 103. HUDA has of­fered al­ter­na­tive plots in sec­tors 110A and 37C to these fam­i­lies. It has al­ready ac­quired 145 acres in the two sec­tors for the pur­pose. The mat­ter is still pend­ing in court.

Other chal­lenges in­clude phys­i­cal in­fra­struc­ture such as roads, power and sewage dis­posal fa­cil­i­ties that are yet to be de­vel­oped. Even if fam­i­lies move in by the end of this year they will not have the fa­cil­i­ties re­quired for their daily needs. Also, work on the rail over­bridges is con­tin­u­ing.

Sev­eral ex­perts are of the opin­ion that the area of­fers long-term in­vest­ment op­tions rather than short to mid-term.

As far as rentals are con­cerned, it will not be easy to find people who are ready to move in on rent even if the projects are de­liv­ered this year.

Com­pared to Dwarka Ex­press­way, New Gur­gaon is at an ad­van­tage strate­gi­cally, lo­cated as it is at the in­ter­sec­tion of NH8 and Dwarka Ex­press­way. The area is also close to Mane­sar and will ben­e­fit from the Kundli-Mane­sar-Pal­wal (KMP) Ex­press­way when it comes up. Other lo­ca­tions that are emerg­ing as promis­ing des­ti­na­tions in­clude the South­ern Pe­riph­ery Road where prop­er­ties are priced in the range of ` 6,000-`7,000 per sq ft as against the price lev­els of ` 4,500 per sq ft to ` 5,500 per sq ft some years ago. Sev­eral prop­er­ties in Sohna Road will be ready for de­liv­ery in the next six to 12 months. Prop­er­ties on Dwarka Ex­press­way are cur­rently sell­ing at ` 5,500 per sq ft to ` 10,000 per sq ft. House hunters thor­oughly ex­plor­ing the re­sale mar­ket will eas­ily find some­thing in the range of ` 5,000 per sq ft to ` 5,300 per sq ft.

Also, the DDA ap­prov­ing the new land pool­ing pol­icy that al­lows pri­vate play­ers to ac­quire land di­rectly from farm­ers and de­velop these land parcels within the ge­o­graph­i­cal lim­its of Delhi may not be good news for those in­vest­ing along this stretch. MPD 2021 has en­vi­sioned de­vel­op­ment of about 20,000 to 24,000 hectares of land for the ex­pected in­crease in pop­u­la­tion by over 60 lakh. Zones have been iden­ti­fied for de­vel­op­ment of five new sub-cities and a rat race to ac­quire these newly opened up land parcels has al­ready be­gun. This change in pol­icy by DDA is set to add about eight to 10 lakh new res­i­den­tial units in the next decade or so and this in­crease in in­ven­tory will have a sta­bil­is­ing ef­fect on the prices in NCR. Hence, avail­abil­ity of in­vest­ment-wor­thy op­tions within Delhi could lead to a huge over­sup­ply sit­u­a­tion which would hurt both the end user and the in­vestor com­mu­nity.

It may ap­pear lu­cra­tive on paper, but the ex­press­way story is still seven to 10 years in the mak­ing, un­less the govern­ment ex­pe­dites on in­fras­truc­tural de­vel­op­ment which cur­rently is at a nascent stage and the lack of any commercial de­vel­op­ments and pub­lic util­i­ties fur­ther com­pli­cates the sit­u­a­tion.

Other chal­lenges in the area in­clude pro­vid­ing ad­e­quate power, sewage and dis­posal fa­cil­i­ties be­fore people set­tle in the area

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.