Work on smart sub­c­i­ties to begin soon

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will slow down con­struc­tion ac­tiv­ity in th­ese towns and the num­ber of new launches will come down, says Li­maye.

The growth story of emerg­ing mar­kets such as Ya­muna Ex­press­way and Sohna may also be pushed back by a few more years once Delhi’s land op­por­tu­nity grows big­ger, Li­maye adds.

No apart­ments will be de­liv­ered un­der the pol­icy be­fore six years and, there­fore, short-term im­pact looks un­likely. Also, to take the pol­icy through to the op­er­a­tional level, the Cen­tre, the state and DDA need to be on the same page.

Who will buy prop­er­ties in Delhi?

in­cre­men­tal de­mand in Delhi but not the growth of Noida or Gur­gaon.

The no­ti­fi­ca­tion of th­ese guide­lines is al­ready be­hind sched­ule and t he pent up de­mand i n Delhi i s huge. “This stock should have been cre­ated at least six years ago. Delhi has grown sev­eral folds since. When work on it started in 2001, Noida and Gur­gaon were emerg­ing des­ti­na­tions, to­day they are both es­tab­lished ar­eas. There­fore, the de­mand em­a­nat­ing in Delhi would largely be in­ter­nal, it will come from peo­ple who work in Delhi and who wish to move into bet­ter homes,” says Sri­vast­tava of GenReal Ad­vis­ers.

Ramesh Menon of Certes Re­alty says that there are three fac­tors that pro­pel peo­ple to buy prop­erty in an area. Th­ese in­clude eco­nomic ac­tiv­ity, po­lit­i­cal sta­bil­ity and de­mand from the ex­ist­ing democ­racy to con­sume the prod­uct.

Con­struc­tion of the Karkar­dooma and San­jay Lake smart sub-cities will begin by mid­dle of 2016, vice chair­man of DDA Balvin­der Ku­mar said ad­dress­ing a con­fer­ence on Cre­ation of Hous­ing Stock in In­dia:A Re­al­is­tic View.

A re­port t i t l ed Cre­ation of Hous­ing Stock in In­dia by PHD Cham­ber and Cush­man & Wake­field was also re­leased at the func­tion.

The ap­prox­i­mate in­vest­ment for the Karkar­dooma Com­plex will be ₹ 4,500. A sim­i­lar com­plex would also be set up at San­jay Lake area for which the ap­prox­i­mate in­vest­ment vol­umes are yet to be worked out. Both com­plexes will be built by Na­tional Build­ing Con­struc­tion Cor­po­ra­tion (NBCC), he said.

Ser­vices of a global con­sul­tant will be elicited for the Karkar­dooma and the San­jay Lake projects, he said. “DDA has re­ceived pro­pos­als from global con­sul­tants from places such as Dubai, Sin­ga­pore, Paris to de­sign the projects,” he said.

Ac­cord­ing to the Cush­man & Wake­field Re­search, In­dia is likely to wit­ness ur­ban hous­ing de­mand of nearly 13 mil­lion units by the end of 2018. Of this, about 19% de­mand (2.47 mil­lion units) would arise from the top eight cities in In­dia, with LIG (0.85 mil­lion units) and MIG (0.88 mil­lion units) seg­ments likely to ac­count for the ma­jor chunk (about 80%) of the to­tal de­mand.

Nearly 1.3 mil­lion units are cur­rently in var­i­ous phases of con­struc­tion across th­ese cities with an ad­di­tional 1.0 mil­lion units ex­pected to be launched by 2018. While a sup­ply short­age is an­tic­i­pated among all in­come groups, LIG hous­ing is ex­pected to bear the brunt with the high­est mis­match in de­mand-sup­ply.

LIG hous­ing is ex­pected to wit­ness a short­fall amount­ing to 56% of the to­tal es­ti­mated short­falls in the top eight cities. Although 59% of the to­tal an­tic­i­pated sup­ply is ex­pected in the mid seg­ment, a short­fall of 25% is fore­seen by the end of 2018.

No apart­ments will be de­liv­ered un­der the land pool­ing pol­icy be­fore six to eight years

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