A home for everyone north of Delhi
From plots and apartments i n dif f erent sizes, to independent f l oors, villas, DDA flats and plotted row houses, north Delhi’s Ashok Vihar of f ers several options f or buyers. Comprising four phases, the area is witnessing an increase in independent floors on housing plots.
Rohan Sharma, associate director, research and REIS, Jones Lang LaSalle, says, “This is typically done by local brokers and builders entering into a collaboration agreement with the home owner, who is guaranteed a new house of four storeys with the builder getting one floor to sell. It allows for lower liquidity infusion by the builder as he only incurs construction and interest costs upfront, while the homeowner doesn’t have to pay anything and gets a brand new house which he can self-occupy or sell floor-wise. In limited cases, outright sale of such houses is also seen where t he buyer/ builder becomes the sole new owner and pays the home owner the going market price for the land area of the house and thereafter constructs the new floors himself and sells them.”
Typical plot areas here are 150 sq yards, 200 sq yards, 300 sq yards and 400 sq yards. Current land valuations are ₹ 4 lakh to ₹ 4.5 lakh per sq yard. Experts say t hat no major private developer projects are being launched here and it is unlikely to happen in the next few years. “While a 2BHK starts from ₹ 90 lakh to ₹ 1.1 crore, a 3BHK ranges between ₹ 1.4 crore and ₹ 2.75 crore. A 4BHK is priced between ₹ 3 crore and ₹ 5.5 crore,” says Bhupinder Singh of Hardial Properties, a local real estate agent.
The area also has DDA flats which were constructed in the early 70s. “An LIG flat costs ₹ 70 lakh to ₹ 1 crore; an MIG costs ₹ 1.1 crore to ₹ 1.75 crore and an HIG is priced at ₹ 1.7 crore to ₹ 2.75 crore in the resale market. Properties in Phase 1 and 2 are priced higher as compared to the other phases,” says Singh.
The area is well-connected to the Metro with Shastri Nagar, Inderlok and Kanhaiya Nagar being the nearest stations on the Red Line. It is also high on the green quotient with a good number of parks and a green belt. “We would like to see bigger malls coming up, more play grounds for children and better safety for residents. There have been incidents of theft and chain snatching in Phase 1 and 3. Cleanliness and traffic jams are other issues which need to be addressed,” says Dr Aruna Choudhry, who has been living in Phase 1 for over 35 years and is also a member of the local residents welfare association.
“Under current rules, stilt parking and four storeys are allowed in Delhi on residential plots, with floor coverage reducing for the upper floors as the plot size increases. So, i ndependent fl oors are t he most common developments seen here. There is healthy demand for such floors for both outright purchases and for rentals. Maximum traction in terms of sales is being seen in the 150 sq yard and 200 sq yd plot sizes. Floors in these plots typically cost ₹ 15,000-₹ 20,000 per sq ft. Apartment sizes are in the range of 1,100-1,500 sq ft, and these units cost up to ₹ 2.2 crore and upwards. Typically, the cost of the upper ground and first floor are the highest, while the highest storey is also expensive as it comes with exclusive roof rights,” adds Sharma.
Rents for such floors are in the range of ₹ 30,000 to ₹ 35,000 per month. Most of these builder floors come with modular kitchen units, marble flooring and some woodwork. Most residential units are available in the configuration of 3BHK and above and, independent builder floors are the easily available housing options for buyers in this area. Rentals are generally between₹50,000-₹60,000 per month for the bigger plot sizes.