‘The area will take a few more years to de­velop’

HT Estates - - HTESTATES -

I bought a 1500 sq ft apart­ment in the project by the Ra­he­jas called Vedanta al­most five years ago. The unit cost be around ` 2500 per sq ft. I am a res­i­dent of Meerut where I own a rolling mill.

I bought the apart­ment for my son who was work­ing in Gur­gaon. He’s now work­ing in Ban­ga­lore and I’m hop­ing that by the time he’s back in Gur­gaon, the area would have been de­vel­oped and ready to move in.

I’ve been in­formed that the project is al­most ready and pos­ses­sion will be given in a few months sub­ject to the de­vel­oper get­ting the oc­cu­pancy cer­tifi­cate. While the project is close to Delhi and about 9-10 km from the Gur­gaon-Delhi bor­der, I think I will not want to move in or take pos­ses­sion soon as there is hardly any in­fra­struc­ture or fa­cil­i­ties in place. Only af­ter the area de­vel­ops and more people start set­tling in, per­haps in a year or so, will I de­cide to shift. I bought a 2100 sq ft flat in ATS Ko­coon lo­caed in sec­tor 109, Dwarka Ex­press­way last year. The project is lo­cated barely four kilo­me­tres from Delhi and there­fore has a rel­a­tively bet­ter lo­ca­tion com­pared to other projects in the area. This is my third in­vest­ment with the same de­vel­oper. I con­sider this as a long-term in­vest­ment and be­lieve that in the lit­i­ga­tion prob­lems will be solved soon. Once the is­sue is sorted and the ex­press­way com­pleted in to­tal­ity, my be­lief is that re­turns from this in­vest­ment will be huge. If one were to com­pare the launch price of the project, one will find that prices have al­ready ap­pre­ci­ated in the area. I had even made an in­vest­ment in the Noida Ex­ten­sion area which was again mired in lit­i­ga­tion but the mo­ment the is­sue was solved, the price of my property al­most tripled. And this one may not take long as there are huge in­vest­ments and large num­ber of projects com­ing along this belt.

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