Prospective buyers in and around Delhi have been struggling since a while with a very important question of whether they should invest in the NCR region or should wait for the Delhi’s Land Pooling policy to become operational. It has been all about the most preferred choice for home seekers in and around Delhi.
Since last few years, things have not been rosy for people who have somehow managed to pull in enough resources to buy some property in Delhi/NCR region. NCR region has been in a state of correction after witnessing India’s largest real-estate boom in the residential market. Builders are staring at a piled up inventory of unsold homes and that has led to dipping sales.
Economic slowdown has had an impact on all industries including real-estate sector. Then there had been other factors, such as delays which took a toll on the end user’s confidence. Per a survey done last year, construction for over 4 lakh flats was running over 2 years behind schedule. This has led Investors to go on their back foot causing a further setback and has acted as a roadblock in the pace of construction.
During the explosive early period when real-estate market in NCR was bullish, many builders passed reserves from one project into newer ones eyeing an exponential growth. This too led to the current financial crunch.
After witnessing the up’s and downs of the NCR real-estate market, Delhi is all set to join the bandwagon and should convincingly grab the spot for the most preferred/prominent real estate hub in North-India.
In the current offerings, sellers are refusing to lower their prices, and buyers are refusing to meet the asking prices for property. This has resulted in a standstill in the property transactions since the buyers are willing to wait further for the prices to become more affordable. Delhi’s Land Pooling Policy is for sure an answer to this deadlock which has all the ingredients for dwelling a true smart (sub) city right within the heart of the country and will offer smart homes to the smart buyers at affordable prices.
Though, the DDA’s ambitious land pooling policy for the capital has been in doldrums since its inception and has recently became victim of state-center apathy because of political-technical differences, will get to rise beyond expectations once it’s been through the current phase.
Stay in-tune for further updates on the Land Pooling policy which should soon step out of the paper on the real ground.