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It has been slated by the Delhi Development Authority that it is in near future aiming at clearing a plan that might open up new areas in the city for housing projects. It is believed that the DDA’s board of directors took a decision last week to take up final public suggestions on the move before it could actually clear the proposal, probably in its next meeting.
The move, which involves amending the master plan 2021 and will be finally have to be cleared by the Centre is likely to boost residential real estate development in outer Delhi regions such as Najafga, Kanjhawala, Ghitroni, Bawana and Burari.
The basic purpose is to allow residential units along ‘facility corridors’ earmarked in the MPD 2021 for urban extension. These corridors, which were part of the larger Transit Oriented Development (TOD) of the capital, were primarily meant to be commercial and recreational centres, and strictly non-residential.
This move is backed by the Union urban development minister Kamal Nath. According to the officials from the planning department, they stated that DDA is very near to finalizing the process of amending the MPD which will include residential development in these corridors. Moreover, the proposal had been approved by the committees reviewing the master plan and was put up for objections and suggestions from the public.
The senior planning officials at DDA stated that the proposal was very much on the verge of being passed unopposed. However, the authority decided to again review the objections and suggestions it had received. According to a planning department official, it was decided that objections and suggestions to the proposal would be taken up before deliberation on the proposal is made in the authority’s next meeting.
The official also went on to add that the proposal would now be deliberated and in all estimation passed in the board’s next meeting.
After successfully predicting 2013, the author has predicted the market for 2014. He has predicted with some optimism for the real estate market.
Here are the predictions:
1. The affordability is slated to fall and interest rates will increase. The rates were down to 3 percent, then 4 percent, now we drift around 4.5 percent. According to the predictions, the year might end around 5 percent. But for a home buyer, each increase in the interest rate would mean more out of pocket each month. Thus, it would make things less affordable.
2. Inventory is likely to increase. Since the dip in 2009, the prices have increased enough, that most people who bought in 2005-2006 can afford to sell (which will lead to #3). This should help increase the inventory levels.
3. Foreclosures/short sales will be a small part of the market. The year 2013 ended with about 3.2 percent of the annual sales which resulted from short sales or foreclosures. He predicts that it will be even less in 2014, maybe around 1-2 percent.
4. New construction, generally single family homes, will continue to be prevalent and grow. It is believed that there are numerous builders who are snatching up land at every opportunity in Arlington. It is predicted that one will see that trend continued and more McMansions being built.
5. It is predicted that there will be more conventional loans which will be used and fewer government issued loans. However, with the recent FHA mortgage premium hike and the fact that PMI never goes away, the author suspects that anyone who CAN afford to go with a conventional mortgage will as FHA as made themselves financially undesirable.
6. It is likely that multiple offers will continue, especially in the market under $900k. It is also predicted that with affordability on the verge of decreasing and inventory just starting to increase, the “affordable” market in Arlington is really anything about $900k and under. The author also predicts that he expects multiple offers to continue into 2014 in that market, especially for single family homes. Besides this, there are pockets that will also witness craziness like Clarendon Condos and Townhomes, where availability is always slim, that will so be hit with multiple offers. In the lower prices ranges, expect to battle with builders for buildable land.
*7. Prices are slated to increase.
Here’s wishing good luck to all of the buyers and sellers in 2014. May people find the right home!
The initial years of 2000s saw not much development in Bangalore north beyond Anandnagar. The area was not much explored. What was seen was huge expanses of barren land laden with trees lined up which led the highway towards Andhra Pradesh. Devanahalli fort was the only known landmark in the area. The north of Bangalore was brought into the focus with the relocation of the airport. In this area, in the past five years, residential property development has taken off like anything. It has seen a host of housing options.
According to the CEO – Asia Pacific, Vestian Global Workplace Solutions, he states that before 2008, the residential areas in Bangalore north were primarily centered around Yelahanka. But after the location of airport moved to the North of Bangalore, the whole section from Hebbal northwards saw increased interest from many developers. In a short period of time, micro-markets like Thanisandra Road, Hennur Road, Bagalur Road, Yelahanka and Bellary Road witnessed huge increase in steady improvement in infrastructure, commercial activity and also saw gain in most visibility as flourishing residential markets.
Infrastructure and growth
The elevated expressway to the airport, the Devanahalli Business Park, the Aerospace Park and the Hardware Park are some huge infrastructure projects which are slated to shape the growth path of Bangalore north in the short to medium terms.
The Vestian’s real estate report states that in the sprawl of the accumulation of neighbourhoods which are categorized under Bangalore north, mid-segment options ranging between Rs. 40-70 lakhs are hugely placed on Thanisandra Main Road, Hennur Main Road, Bagalur Road and Yelahanka currently. The primary factors for the residential growth in these areas are the availability of large land parcels, improving infrastructure and proximity to the ORR.
According to the Vestian’s report, it states that budget residential choices ranging up to Rs 35 lakhs are currently located in and around Doddaballapur Road and off Bellary Road. Moreover, according to a senior executive from Jones Lang LaSalle India, the north-east quadrant of Bangalore is coming up as one of the hotspots for affordable housing projects. This is primarily due to availability of land at comparatively economical prices. The present and proposed infrastructure developments, very convenient contact to the airport and to the IT hubs in Hebbal and Whitefield are leading to the rise of budget homes.