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HindustanTimes Mon,21 Apr 2014

Realty boom to come riding along Metro in rural areas

Subhendu Ray , Hindustan Times  New Delhi, June 22, 2013
First Published: 00:10 IST(22/6/2013) | Last Updated: 02:19 IST(22/6/2013)

It was Pappan Kalan and hardly a preferred destination for anybody in Delhi to buy a house. The Delhi Development Authority (DDA) developled a subcity and named it Dwarka — one of Asia’s largest residential areas.

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But even that was not enough to attract homebuyers. But as soon as Delhi Metro provided connectivity, it changed gears and is now home to thousands of middle and upper middle-class households.

The same windfall is expected for the areas proposed to be connected under the Metro’s expansion in phase IV, slated to be constructed between 2016 and 2021. Most areas falling under the phase IV expansion — Sonia Vihar, Burari, Mukundpur, Reola Khanpur, Palam and Narela — are rural.

And even as Delhi Metro Rail Corporation (DMRC) is completing detailed project reports for the proposed extension, realtors have started foreseeing a housing boom in the peripheral areas.

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The DMRC is also keen to get into property and transit oriented development (ToD) in the pastoral part of the city.

“We have plans to take up property development and ToD in the rural areas and convert them as integrated cities with facilities such as educational hubs, hospitals and markets.

Once Metro connects these areas, a huge chunk of Delhiites would like to shift to there as they will get all these facilities at affordable prices,” said SD Sharma, director (business development), DMRC.

The Unified Traffic and Transportation Infrastructure (Planning and Engineering) Centre is preparing the guidelines and policy for development in these areas, he said.

“The metro expansion will help in increasing demand for residential and commercial properties in these areas,” said RK Jain, executive director, Wave Infratech.

“All these places will now get connected to Delhi and are set to benefit from the real estate appreciation in prices,” said Anshul Jain, chief executive, DTZ - India.

Sanjeev Srivastava, MD, ASSOTECH, however, warned that development would only be possible only if there is a proper policy in place. “We have limited land left as major space is unauthorised,” he said.

In the last decade, DDA has been able to provide just 25,000 housing units approximately through its different housing schemes for a city with a population of 1.67 crore. The new sub-cities of DDA are now going to come up in the peripheral areas of Delhi that are largely rural in nature.

As per the Master Plan of Delhi 2021, zones A to H are urban areas and zones J to P (I and II) are earmarked as urban extension areas or rural areas. These zones are where the newer development is going to take place.

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