City awaits new TP schemes
Faster Clearance Will Lead To Cheaper Houses In Western Areas
Nayan Dave | TNN
Ahmedabad: Despite manifold hike in the jantri rates, availability of over 5,000 hectares of land under the new town planning (TP) schemes would make affordable housing possible even on the western side of the city.
Units to be constructed under the proposed TP schemes will be at least 50 per cent cheaper than the prevailing rates in areas like Bodakdev, Satellite and Drive-In.
In the last year, Ahmedabad Urban Development Authority (Auda) submitted 14 TP schemes in 1,700 hectares to the state government and is working on another 13 schemes in 3,450 hectares. Moreover, of the 69 villages that have merged with AUDA, 68 are in the western part of the city.
Property consultant Kishor Dedhia said that possibility of affordable housing would depend on how fast the TP schemes are cleared. “If there is administrative delay, cost of land would shoot up," he said.
“In the new TP schemes, at least three lakh housing units would be possible and 70 per cent development would be in the western side,” said Nirav Kothari, local director of commercial real estate firm Jones Lang LaSalle.
The new jantri rates match with the market rates, says Kothari, adding that it would only help salaried people as there would be more transparency in land dealings. Supply would only go up with availability of more land.
“If developers increase prices on the basis of hiked jantri rates, they wouldn’t get adequate buyers,” he said.
Market watches feel that neither new TP schemes nor the new jantri rates will affect current prices in areas like Satellite, Bodakdev, Prahaladnagar, to name a few. Prices in these areas may remain stagnant for a while, as residential schemes in the developing areas would come at much more lower prices.
Atwo-BHK flat (100 sq yd) in the developed areas is ranging from Rs 40 lakh to Rs 55 lakh in these areas. A flat of the same size would be available at Rs 22-25 lakh. Properties under new TP schemes would be 20% to 30% lower than adjoining areas like Bopal.
Rishabh Patel of Gujarat Institute of Housing and Estate Developers (GIHED) said the developers are ready to provide mass housing in western part of the city. “We are just awaiting clearance of the new TP schemes," he said.
“Expansion of BRTS facilities, proposed metro rail and better road connectivity would increase supply, especially affordable housing in new areas in western part of the city," said Jaxay Shah of Confederation of Real Estate Developers’ Association of India.
Samantak Das, national head (research) of Knight Frank India says that proposed planned development would add value with quality infrastructure. Transparency in deals would help the market in the longer run, he added.
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