Realty mar­ket looks up for Ya­muna Ex­press­way

YEIDA’s plot scheme, so­lu­tion to the land ac­qui­si­tion prob­lem and higher num­ber of in­sti­tu­tional al­lot­ments in 2015 get thumbs up from prospec­tive buy­ers

HT Estates - - FRONT PAGE - HT Es­tates Cor­re­spon­dent

Irack­ling high-end real es­tate deals are the talk of the town, set­ting off fire­works in the mar­ket even though Di­wali comes in Novem­ber. A prime bun­ga­low in Lu­tyens Delhi’s Hai­ley Road was re­cently sold for a whop­ping ₹ 450 crore and an­other top-of-the-line 8,000 sq yd prop

erty i n t he f one goes by the num­ber of ap­pli­cants in a re­cent res­i­den­tial plot scheme o f Ya m u n a E x p r e s s w ay In­dus­trial De­vel­op­ment Author­ity (YEIDA), it is hard to be­lieve that the real es­tate mar­ket is go­ing through a slow­down. The scheme, which was open from Au­gust 3, 2015, to Au­gust 30, 2015, of­fer­ing 900 plots mea­sur­ing 120 sq me­tre and 162 sq m, priced at ₹ 17.04 lakh and ₹ 23 lakh re­spec­tively, in the prime lo­ca­tion of Sec­tor 22D, has re­ceived 9,712 ap­pli­ca­tions from prospec­tive buy­ers. What’s im­por­tant is that all the ap­pli­cants paid the book­ing amount from their own resources.

A se­nior YEIDA of­fi­cial said, “Had the banks agreed to pay the book­ing amount on be­half of the ap­pli­cants like it hap­pens in realty schemes, the fig­ure ( of ap­pli­cants) would have been more than a lakh, but since banks needed more time to process the for­mal­i­ties, res­i­dents ar­ranged for the money from their own resources. The draw for the scheme will be held on Novem­ber 2, 2015,” .

The num­ber of ap­pli­cants has made realty ex­perts op­ti­mistic. They feel that af­ford­abil­ity, right size and price is the key to beat the re­ces­sion. pres­ti­gious Tugh­laq Road with an equally for­mi­da­ble price tag was to be sold to an in­dus­tri­al­ist who would be mov­ing in once the fi­nal ne­go­ti­a­tions were com­pleted.

Ac­cord­ing to real es­tate agent Devender Tara of Tara Es­tates Pvt Ltd, a prop­erty oc­cu­py­ing acres of prime space in Kas­turba Gandhi Marg was on the mar­ket too, though the price of ₹ 440 crore was too steep for one po­ten­tial buyer who wanted the deal sealed at ₹ 425 crore. In­ter­ested buy­ers in­cluded a top Mum­bai in­dus­tri­al­ist and a telecom com­pany. Other ar­eas of

t he Cap­i­tal

“As far as prop­erty mar­ket along the Ya­muna Ex­press­way is con­cerned, it’s still quite af­ford­able. There are many projects, the prom­i­nent ones among t hem be­ing Jaypee Greens Sports City, which has plots, flats and vil­las at af­ford­able prices. A plot mea­sur­ing 153 sq yd close to the For­mula 1 track at Jaypee Greens Sports City is avail­able in the price range of ₹ 40 lakh to ₹ 50 lakh, which is a prof­itable buy at present,” says a prop­erty dealer.

Till now YEIDA has sold l and parcels mea­sur­ing around 1,200 acres to 11 de­vel­op­ers in the res­i­den­tial sec­tors such as 20, 22A and 22D. Prom­i­nent among them are ATS Realty, Su­pertech, Sun­world, Logix, Or­ris etc. Out of the 11, most of the de­vel­op­ers have got their project plans ap­proved from YEIDA and launched their projects while a few have ap­plied for ap­proval.

The big­gest realty player in the area is Jaypee Greens, owner of 5,000 acres of land on both sides of the ex­press­way. It has launched a va­ri­ety of res­i­den­tial prop­er­ties such as Boule­vard Court, Udaan Apart­ments, Naturvue Apart­ments, Buddh cir­cuit stu­dios I & II, Kas­sia, the Kove, Sportsville etc. It of­fers plots, flats, vil­las, ex­pand­able vil­las and farm­houses. were also at­tract­ing wealthy in­vestors. Sid­dharth Gargi of Sid Es­tates said, “An 867 sq yard prop­erty in Sun­der Na­gar was re­cently sold for ₹ 110 crore.” Prop­er­ties in the area were priced be­tween ₹ 115 crore to ₹ 120 crore – de­pend­ing on the lo­ca­tion and the prop­erty. In Golf Links, a 375 sq yd prop­erty could sell for ₹ 60 crore to ₹ 70 crore, again de­pend­ing on the lo­ca­tion. Chanakya­puri, too, was not trail­ing be­hind. “A 1,200 sq yd Malcha Marg proper t y was re­cently sold for ₹ 150 crore, and oth­ers sim­i­larly sized (1,200 sq yd) on the main road came with price tags of ₹ 200 crore to ₹ 250 crore,” Tara said. In Shanti Nike­tan, a 1,000 sq yd prop­erty was on the mar­ket for ₹ 85 crore while an­other of 400 sq yard was sell­ing for ₹ 35 crore. In Vas­ant Vi­har, where a well­known cricketer bought a house re­cently, 1,000 sq yard prop­er­ties were priced at over ₹ 60 crore.

In­ter­est­ingly, the ex­clu-

“The small­est siz e unit which mea­sures 450 sq ft costs ap­prox­i­mately ₹ 14 lakh in a project close to the For­mula 1 track,” says Ravin­dra Singh, a lo­cal prop­erty bro­ker.

Be­sides pri­vate de­vel­op­ers, home­buy­ers can look for res­i­den­tial op­por­tu­ni­ties in YEIDA’s ear­lier schemes. For in­stance, in 2012, YEIDA had al­lot­ted 4,500 flats, each mea­sur­ing 29.75 sq mt, at the price of ₹ 7.75 lakh for the eco­nom­i­cally weaker sec­tions in Sec­tor 22D. The apart­ments are un­der con­struc­tion and are ex­pected to be de­liv­ered by 2017. The prices of t hese f l ats have ap­pre­ci­ated marginally and realty ex­perts feel that once they will be in the ready- to­move-in stage, they can fetch a hand­some premium.

“Every­thing de­pends on the de­vel­op­ment of the area. Con­nec­tiv­ity and com­mut­ing fa­cil­i­ties need to im­prove be­cause roads within t he sec­tor have not yet been con­structed,” adds Singh. sive high- end prop­er­ties in the Cap­i­tal form a rel­a­tively small per­cent­age of Delhi’s res­i­den­tial real es­tate. There’s hardly any­thing avail­able for sale, but de­mand re­mains high, es­pe­cially among those from the af­flu­ent classes as­pir­ing to move to an ad­dress in Lu­tyens Delhi, Chanakya­puri, Golf Links, Jor Bagh, Sun­der Na­gar, Shanti Nike­tan, West End and Anand Nike­tan, among oth­ers.

“Wealthy own­ers of prop­er­ties in the high-end ar­eas de­cide on the prices they want and are ‘some­what’ open to bar­gain­ing,” re­vealed Gargi. They pre­fer to wait for the right cus­tomer and price and do not like to bar­gain or sell off prop­er­ties at slashed rates. There are no dis­tress sales.

Also, be­cause of the like­li­hood of ar­eas like Sun­der Na­gar and Golf Links be­ing moved out of the Lu­tyens Zone by the gov­ern­ment, some prop­erty own­ers plan­ning to sell have put off their de­ci­sion to as­sess the im­pact of this move on the mar­ket. hough sold at su­per premium prices of ₹ 150 crore t o ₹ 250 crore in the last two or three years, a num­ber of cen­tral Delhi’s premium bun­ga­lows at Kas­turba Gandhi (KG) Marg and Hai­ley Road come un­der the am­bit of the Ar­chae­o­log­i­cal Sur­vey of In­dia (ASI) guide­lines. Th­ese rules don’t per­mit re­de­vel­op­ment of plots lo­cated within 100 me­tres of the Agrasen ki Baoli, a des­ig­nated pro­tected mon­u­ment.

Un­der a new pro­vi­sion of the An­cient Mon­u­ments and Ar­chae­o­log­i­cal Sites and Re­mains (Amend­ment and val­i­da­tion) Act of 2010 an­nounced in 2013, prop­er­ties lo­cated within 0 to 100 me­tres of the mon­u­ment can be re­paired and ren­o­vated. Con­struc­tion and re­con­struc­tion can be car­ried out in prop­er­ties lo­cated at a dis­tance of 100 m to 300 m.

A prop­erty at the in­ter­sec­tion of KG Marg and Tol­stoy Marg was bought by Raj Singh Gehlot, CMD of Am­bi­ence Pvt Ltd in 2012 for ₹ 136 crore. While the ac­tual size of the prop­erty is less than an acre (.9604 acres), the sanc­tioned floor space in­dex (FSI) is 18,670 sq ft. Gehlot says he is “in the process of get­ting the nec­es­sary per­mis­sions from ASI. Some parts of the bun­ga­low are within the 100 m range and some be­yond the limit. This is some­thing that ASI has to as­cer­tain. We will re­tain the ex­ist­ing build­ing, prob­a­bly de­velop apart­ments there for per­sonal use.”

Un­der the ASI rules only ren­o­va­tion and re­pairs can be per­mit­ted in Gehlot’s bun­ga­low, which was ear­lier jointly owned by Gur­bachan Singh, Chan Ta­jin­der Singh, Dipin­der Singh and the Sar­dar Uj­jal Singh Fam­ily Trust. Sar­dar Uj­jal Singh was the brother of late Sobha Singh, nov­el­ist Khush­want Singh’s fa­ther.

“It’s be­cause of th­ese com­plex­i­ties (ASI norms) that peo­ple should take into con­sid­er­a­tion the area on which they can build a struc­ture be­fore buy­ing such prop­er­ties. They may be spend­ing ₹ 300 crore as land value but they need to know how much they can build on or re­pair for that price. De­spite be­ing strate­gi­cally lo­cated, it is in­ef­fi­cient util­i­sa­tion of the land par­cel. The ASI guide­lines are the big­gest chal­lenge,” says Shveta Jain, ex­ec­u­tive di­rec­tor, res­i­den­tial, Cushman and Wake­field In­dia.

IS­TOCK

SUNIL GHOSH

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