Farmhouse policy changes16 Jul 2013, Posted by City vs Country in
Delhi opens the floodgates for farmhouses, causing property prices in South Delhi to crash 25%.
If you have always wanted to live in a farmhouse, with your own chicken, cows and fields, but couldn’t because prices range from Rs 20 crore to over Rs 100 crore, there is hope for you. The Delhi Development Authority, or DDA, has decided to reduce the minimum area required for a farmhouse from 2.5 acres to 1 acre. In one stroke, farmhouses have become affordable to a bigger section of Delhi’s population. Property dealers and consultants say they are inundated with queries from buyers. PropEquity, the real estate data analytics firm, is toying with the idea of setting up a special fund for farmhouse projects in the city. “It is a wonderful opportunity,” says PropEquity CEO Samir Jasuja.
Actually, investors had expected such a policy change for the last three years. Aware that such a decision would trigger a huge demand for farmhouses, they bought land, which could be developed into farmhouses, in Delhi in large swathes. As a result, prices more than doubled in the last two to three years in areas that have a high concentration of farmhouses and good infrastructure: Chhattarpur, Rajokri, Bijwasan et cetera. At the moment, land for a farmhouse can cost around Rs 20 crore an acre in Rajokri (residents include Malvinder Mohan Singh and Arun Bharatram) and Rs 40 crore an acre in Westend Greens (Sidhharth Shriram stays here). These farmhouses can now be cut into smaller plots and sold to buyers.
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