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Indian Real Estate News : Delhi NCR
NCR can Have 30,000 Acres of Land Available for Residential Construction
Source: Indian Reality News Sep 27, 2010
The National Capital Region (NCR) may soon have 30,000 acres of land available for residential construction, if the government's steps in this direction bear fruit. The Centre is attempting to fast-track the resolution of disputes over NCR title deeds, which force developers to stay away. NCR is estimated to be short of 5 lakh housing units, and demand is growing at 1 lakh units a year.

The move will spark price correction, releasing over 2 million housing units. The exercise piloted by the urban development ministry and implemented by the NCR planning board, will be kicked off by year-end.
The exercise will unlock land in three states: eight districts in Haryana (Gurgaon, Rewari, Faridabad, Sonepat, Rohtak, Panipat, Jhajjar and Mewat); five districts of Uttar Pradesh, (Ghaziabad, Bulandshahar, Meerut, Baghpat and Gautam Budh Nagar) and one district (Alwar) in Rajasthan. The government plans to seek help from local bodies to identify and verify land ownership, after which independent agencies will cross-check data.

"This is good for developers who can get land and good for consumers who can get residential units at lower prices. But one has to see how it is implemented. India doesn't have a very good history in implementing such policy initiatives. One also has to see how soon the free land can be made available for developers," Abhishek Kiran Gupta, head-research, Jones Lang LaSalle, India said.

"In any big transaction, the problem of title deed arises at some point. We are trying to work out a formula. Various suggestions have come in. The exact strategy will be worked out in some time," an urban development ministry official said. The ministry plans to advise states to create an ad hoc title deed in the name of the claimant to facilitate the transaction. "This should not be difficult as in villages and small towns, everyone is aware of who owns which land. The only problem in some cases is that official records are not available. This exercise will help do away with this problem," said an official from the Haryana housing board.

Tag: Delhi, Faridabad, Gurgaon, Noida, Property Prices, Real Estate Developers, Real Estate India, Real Estate Trends
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