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In a radical departure from the existing system of government monopoly over land and housing, the new Master Plan for Delhi (MPD) has proposed private participation in developing housing in the city. The policy will pave the way for a real estate boom in Delhi. Involvement of private builders will ensure quality flats too, it is hoped. Whether the prices of new flats will be within affordable reach of the middle class and the masses will largely depend on how the government goes about implementing the new policy, say real estate consultants and planners. According to Deepak Bhavasar; president, consultancy and land agency of real estate consultancy firm Trammell Crow Meghraj, prices can come down only if the public-private partnership policy is implemented in a planned manner. The government will also have to being in a corruption-free public housing system to counter the price rise in the private sector. The initiative to bring in private players is a good one but the government has to now put in place a process that is clean and transparent so that the majority can benefit from it, Bhavasar said. Planner and architect Kuldip Singh however points out that government so far has not even been able to enforce basic measurement and price criteria for flats in Delhi. As a result builders in Delhi charge money for "super area" and cheat consumers by giving much smaller flats. Developers and brokers in Delhi are operating without any regulation and consumers are getting cheated everyday, Singh said. "Hard planning and implementation has still to be worked out to give some meaning to the urban renewal proposed throughout the city", he added. Kuldip Singh said
that the minimum cost of a flat in Delhi
that comes up through the 'incentivised' redevelopment of plots
into multi-storeyard apartments will not be less than Rs. 40 lakhs
to Rs. 50 lakhs for a 900 square feet flat in a middle class locality.
(The cost per flat is a rough estimate if Rs. 26 crores were to
be taken as minimum project cost of a 3000 square metre urban renewal
project).
What's more, Delhi's private developers will be working for profit and so these flats will be out of reach for most of the buyers from middle class and lower middle class. He also added that the track record of private developers in delivering flats for economically weaker sections across the country is rather poor. Meanwhile, Delhi's minister of state for urban development Ajay Maken has said that setting up of an urban development authority to control city development and market prices was under consideration. Anshuman Magazine, CEO of real estate consulatancy firm CB Richard Ellis is more optimistic. He said that prices of flats will come down in the long run if the government is able to ensure dequate supply and market forces are allowed to operate in a fira manner. "Flats and houses in Delhi are very expensive now because there is a huge demand and supply gap. So the government needs to augment infrastructure and ensure adequate supply of housing if prices have to come down. But it will be quite some time before such a situation comes about", Magazine said. Planners also warn that a new monopoly of developers may replace
the state monopoly unless the implementation strategy for public-private
partnership is carefully worked out. Planner and architect Prof.
A G K Menon said that the new policy is in line with international
standards. The old system was suffering from inefficiency and corruption
leading to the growth of unauthorized colonies and illegal floors
in planned colonies. |
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