To meet Delhi's growing housing requirements, the Master Plan 2021 has proposed to provide 60,000 dwelling units in the Capital on an annual basis. Will the proposals to expand housing avenues in the Capital finally help the middle class man acquire his dream home?
Real estate experts do not see any immediate impact. But they say that if the proposal translates into reality, then housing units would become affordable. Anshuman Magazine, South Asia MD of real estate consultancy firm CB Richard Ellis, said: "At present, the skyrocketing prices can be attributed to the huge gap in demand and supply. More supply of housing stock will mean more competition. It will keep property prices under check. But it is not going to happen any time soon."
Magazine said it has to be well-planned and complemented by sustaining infrastructure. "Basic infrastructure like power, water, parking and public transport are crucial areas. They need to be improved accordingly. Secondly, planning has to be done keeping in mind the long-term result. It has to be seen if the plan is sound enough to meet the requirements 30 years from now," said Magazine.
Former DDA planner EFN Rebeiro said, "It is simple economics. Once supply increases, the prices of any commodity will become realistic. But the fact remains that Delhi's area is restricted to 1,483 square kilometers. It will remain the same even 20 years from now. Development is possible within a limited area."
Noted planner AGK Menon said, "An increase in the housing stock will undoubtedly make dwelling units more affordable for the middle class. But there should also be a target for providing basic amenities. It has to be a holistic plan, instead of a piecemeal approach."