delhi ncr
Showing posts with label delhi ncr. Show all posts
Showing posts with label delhi ncr. Show all posts

Home Prices in NCR to Slightly Drop: Experts

"All of it really depends on how much focussed a builder is upon moving out the inventory"
With the real estate sector facing a slump across the NCR, experts say there is an urgent need for correction in property prices.

In fact, according to them, a slight drop in property rates could be expected in the next few months. But, all of it really depends on how much focussed a builder is upon moving out the inventory. The real estate sector has been affected by declining sales due to high prices and low demand. Currently, NCR builders could be having anything between 35 and 45% of apartments in cold storage, with Noida alone accounting for as many as 40,000 unsold units.

Experts say the sale of property in NCR has been at an all-time low in the last three years. "Huge inventories have been stacked up by builders and it will be wise for them to move their stock to keep their business rolling and meet existing commitments. The logjam will never end unless there is a price correction, but it all depends whether the builder has the bandwidth for it," said Ganesh Vasudevan, CEO of IndiaProperty.com, a real estate portal.

"Some 40,000 units are ready but remaining unsold in Noida, despite discounts and other benefits offered by developers. The next few months will determine how the market is moving, following the Okhla eco-sensitive zone demarcation," said Surabhi Arora, associate director (research) at Colliers International India, a realty consultant firm.

However, NCR builders say they are loaded with pending dues for leasing charges of existing land. With low demand and construction and input cost on a steady rise, the chances of rate cuts are bleak.

"While there is a huge inventory to move, the builders do not have the bandwidth to cut down rates at this time. The builders are already over stretched and there are huge costs piled upon most of them. While there is a need to move inventory, correcting rates is not something that is out there to happen immediately. Builders will wait and watch a bit," a senior member of Credai western UP, a developers' organization, said.

But experts say there is no other option than price correction.

"Why we think there could be a price correction is that the builders have no option at the moment due to a pile up of stocks and low demand," Madhavan said.

He added, "The price trend in Noida has shot up from Rs 2,800 per sq ft in 2014 to Rs 3,500 per sq ft in Noida on an average. There has to be a correction, for the buyers to show slightest interest in a bleak demand situation."

 Source: ET Realty
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DDA Yet to Begin Land Acquisition for Dwarka E-Way

"It has come to light that work on the 1.3 km portion of the 18 km road in Delhi can't even begun because Delhi Development Authority (DDA) still hasn't acquired the land needed for it."
Troubles for thousands of people who invested in various housing and commercial projects on Dwarka Expressway seem to be never ending. Days after the resolution of the land acquisition tussle in New Palam Vihar area of Gurgaon, which had stalled the project for more than a year, it has come to light that work on the 1.3 km portion of the 18 km road in Delhi can't even begun because Delhi Development Authority (DDA) still hasn't acquired the land needed for it.

Haryana Urban Development Authority (HUDA) has floated tenders for construction of nearly 2.7 km road, most of which is in New Palam Vihar area, and the work is likely to begin soon. "Once the work begins, our share of the project will be completed within nine months," said a senior HUDA official.

When asked, HUDA administrator Anita Yadav said, "This project is top priority for us. But sadly, even if we deliver on time, the road will hit a dead end at the Delhi border. The responsible agencies in Delhi haven't shown much eagerness to acquire land for the 1.3 km stretch falling in their jurisdiction."











The Dwarka Expressway, or the Northern Peripheral Road (NPR), is an 18 km-long road that will provide an alternative link between Delhi and Gurgaon. It is also expected to ease traffic on Delhi-Gurgaon expressway. HUDA claims that 14 km stretch is ready to use.

Work in New Palam Vihar was stalled because the land acquisition process was stuck in litigation in the Punjab and Haryana high court. The matter was resolved recently. "Work to construct road on the last 200m-stretch near Kherki Daula where Dwarka Expressway merges with NH-8 will also be taken up simultaneously," said the official.

A DDA official told TOI that the process for land acquisition was initiated last year but couldn't be completed since the new law in this regard was in Parliament for consideration. "The alignment has been approved by the UTTIPEC (unified traffic and transportation infrastructure, planning and engineering centre) but we can't start the work as we don't have the land. Under the present circumstances, it is difficult to acquire land for the project," said a DDA official.

HUDA administrator Anita Yadav on August 22 wrote to HUDA's chief administrator Brijendra Singh as well as the additional chief secretary of the town and country planning department P Raghavendra Rao, over the issue. "Even if we complete the work by the end of 2016, unless authorities in Delhi start acquisition of land and construction work on the existing portion of the expressway, it will reach a dead end after New Palam Vihar and not serve its purpose."

In her letter, Yadav said, "The NPR in Haryana shall be made functional on top priority basis but there is no proposal/plan for connecting this road for its further connectivity within Delhi territory... The concerned officers may be directed to take up the interstate issue at their personal level with the Delhi government/Union government to connect the NPR in Delhi territory for its better utilization by public at large and decongest the existing roads."
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