Rentals in Ro­hini fall by 4%

De­spite weak sen­ti­ments and fall­ing prices, the realty mar­ket of Ro­hini may gain mo­men­tum once a few in­fra­struc­ture plans are im­ple­mented

HT Estates - - HTESTATES - Harini Sri­ram

Ro­hini in north­west Delhi has, over t he years, evolved into a soughtafter res­i­den­tial neigh­bour­hood. De­vel­oped by DDA in the 1980s as a com­pos­ite so­ci­ety, it is con­sid­ered to be well-laid out, of­fer­ing a de­cent qual­ity of life. It also hap­pens to be the first mega sub-city project un­der­taken by the Delhi De­vel­op­ment Au­thor­ity (DDA) in the ur­ban ex­ten­sion of Delhi. How­ever, the area has, of late, seen a price cor­rec­tion with most sec­tors reg­is­ter­ing a de­cline in prices.

Mar­ket sce­nario

Ac­cord­ing to a re­port by 99acres, a real es­tate por­tal, rentals for 3 BHK units in Ro­hini have fallen by 4% in the pe­riod be­tween Q4 2012 and Q4 2013. Neeraj Sharma, sales head of the por­tal, at­tributes this de­cline to the weak mar­ket sen­ti­ment in the area. He says, “There aren’t enough job op­por­tu­ni­ties in Ro­hini, so a lot of peo­ple have moved from here to Noida or Gur­gaon to avoid the long com­mute to their work­places. Be­sides, the rentals here are high com­pared to other parts of Delhi/NCR.” As a re­sult, many builder floors are ly­ing un­oc­cu­pied. The rentals (for a 3BHK unit) are around ` 22,700 per month.

Ro­han Sharma, se­nior man­ager, re­search and real es­tate in­tel­li­gence ser­vices, JLL In­dia, agrees that the Ro­hini mar­ket is not ex­actly thriv­ing at present, with very few trans­ac­tions tak­ing place here re­cently. “In fact, there has been a cor­rec­tion here of around 10% to 15%, and bro­kers are ready to ne­go­ti­ate deals by as much as ` 20 lakh per flat. Be­sides, not many banks are at present of­fer­ing loans on prop­er­ties in the area due to the fact that ear­lier sale trans­ac­tions here were ex­e­cuted on the ba­sis of GPA (gen­eral power of at­tor­ney),” he says. This is be­cause of ab­sence of clear sale deed or doc­u­men­ta­tion in most places, in­clud­ing some unau­tho­rised colonies. He adds that new in­vestors are not avail­able in the Ro­hini mar­ket, as most of them want to buy plots in the re­cently no­ti­fied ad­join­ing area of Zone N, which is avail­able at a good price.

The cur­rent mar­ket price in Ro­hini is any­where be­tween ` 7,000 to ` 10,000 per sq f t, de­pend­ing on the sec­tors, and the sale price quoted for a 3 BHK unit mea­sur­ing about 1,200 sq ft is ` 1.1 crore to ` 1.25 crore. Six months ago, the price was about ` 1.45 crore. There are no ma­jor de­vel­op­ers in the area and no new con­struc­tion, so to speak. Dom­i­nated by DDA and CGHS (co­op­er­a­tive group hous­ing so­ci­eties) apart­ments, Ro­hini has some op­tions in the se­condary mar­ket. Ac­cord­ing to in­di­aprop­, a real es­tate por­tal, around 10% of the to­tal in­ven­tory in Ro­hini’s se­condary mar­ket is avail­able for sale.

Res­i­dent speak

De­spite the rather weak mar­ket sen­ti­ment, res­i­dents of the area seem quite con­tent with the progress Ro­hini has made. Ro­han Mathur, one such res­i­dent, says, “We have no com­plaints as far as ba­sic ameni­ties are con­cerned. There is good so­cial in­fra­struc­ture in the area in terms of malls, schools, well­main­tained parks, and so on. Con­nec­tiv­ity is good too with three func­tional metro sta­tions close by. Park­ing is a prob­lem though; there is not enough space and this leads to con­ges- tion. The se­cu­rity sit­u­a­tion also needs to im­prove in some sec­tors, es­pe­cially the ones near the in­dus­trial belt. Many cases of chain snatch­ing have been re­ported of late.”

Delhi Mas­ter Plan 2021

Ro­hini is in the cusp of some new in­fra­struc­ture de­vel­op­ment, with much of the pro­posed plans to be im­ple­mented soon. The ur­ban ex­ten­sion road (UER), which is part of the Delhi Mas­ter Plan 2021, is a case in point. En­vis­aged as three ring roads con­nect­ing Wazirabad by­pass to im­por­tant high­ways, the UER is ex­pected to im­prove con­nec­tiv­ity be­tween Ro­hini and Gur­gaon and Dwarka. Sharma of JLL In­dia be­lieves that new project launches can be ex­pected along the UER, once it is com­pleted. Ro­hini Sec­tor 29 is ex­pected to ben­e­fit due to its prox­im­ity to the pro­posed UER.

Ac­cord­ing to DDA, phases 4 and 5 are un­der de­vel­op­ment, and they are ex­pected to ac­com­mo­date an es­ti­mated pop­u­la­tion of over two lakh, un­der the plots and group hous­ing flats scheme for Ro­hini. Be­sides, the pro­posed ex­ten­sions of the Delhi Metro line – from Rithala to the up­com­ing phases four and five, for ex­am­ple– will boost the real es­tate po­ten­tial of the area to some ex­tent.

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