A home for ev­ery­one north of Delhi

HT Estates - - HTESTATES - Gauri Kohli

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.

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