Real estate may Feel Connectivity Pinch

Metro connectivity and property rates in the capital goes hand in hand , its just like they run on parallel tracks as right from the announcement of new metro connections , property rates follows an upward swing.

With Delhi metro gearing up for the Phase III construction that will cover areas like Vasant Vihar, Dhaula Kuan, Munirka , Kalka Ji , lajpat Nagar , Botonical Garden (Noida) , real estate prices are expected to see a major rise in the prices. Metro certainly affectes real estate as it is a major factor to provide a safe and comfortable mode of transport. People prefers homes situated near the metro stations. How ever since the prices have already increased so much that it will be difficult to say how much impact the new lines will have now. Consultants further says that properties which are located near the Metro stations will have the maximum increase in the real estate price.

The entire scenario can be explained in terms of a U curve where in right from the announcement of the projects the price tends to go upwards and then it declines when the construction is underway and again goes up when the project is complete. On an average , a property may see 20-30% increase in price over three years. Proximity to the station may also effects an increase of 35-40%. Due to increase in the rates of properties which are near to Metro stations , the Municipal Valuation committee constituted by Delhi Government has also adviced that the residential colonies within half a KM radius of Metro line would be upgraded  by one level since they have witnessed the maximum amount of Infrastructure development.

DDA Results Out: Dream Come true for 16,118 Lucky Applicants

Over seven lakh of people had rowed up to try their luck to have one’s own house in Delhi and a majority of them were disappointed. But for the 16,118 people it was a short of miracle, who now finally have an address of their own. Though DDA had published the list in newspapers and also uploaded it on its website, many turned up at Vikas Sadan on Tuesday to ensure that it wasn’t a fantasy.

“Suresh Kumar Kher who works at the airport got lucky as he was allotted a LIG flat in Narela. He with his wife, Sudha, and son went to Vikas Sadan as they wanted to be doubly sure of having got the flat.  “We had checked the DDA website in the morning and I had asked a friend also to double check it. My wife’s prayers have been answered. We live in rented accommodation at INA now and can’t believe we finally have a house of our own in the city. This is the first time they applied got lucky.

Kameshwar Nath Mahato, came to Delhi from Jharkhand 15 years back. He works as a supervisor at United Coffee House. He was in suspense till the morning as he couldn’t access the DDA website because of the heavy traffic. “The flat is in the name of my wife, Anita Kumar Mahato, and I have worked very hard for this. I, my wife and my two-year-old daughter are going to see our LIG flat in Rohini’s Sector-28. The house is affordable, about Rs 13 lakh, ” Said Kameshwar Nath.

Vikas, had come to check on behalf of his brother, Sandeep Kumar, said the family was going to Sirsa to pray at a Gurdwara and thank god for the good luck granted on
them “We live on rent in Karol Bagh but now I can tell my friends that I have a house of my own. Also, we brothers can finally think of marriage now that we have a house,” said Vikas, whose brother has been allotted an LIG flat in Narela.

Mahesh Kumar had been provoked by his girlfriend and his father to take a chance. “I’ve never been so lucky and wasn’t anticipating much from this scheme. I applied at the last minute and didn’t even look at the paper in the morning. I am thrilled,” he said.

Ranjan Chopra didn’t bother to go to the DDA headquarters. He lives in Munirka and was working on Tuesday. Now, the proud owner of an HIG Flat in Vasant Kunj, he said. The entire family will now be shifting in a big house. “It’s because of my faith in god and the blessings of parents that I have been able to get it,” he says.