Castles in the air as land pooling waits

NEW DELHI: In a city where land is prohibitively expensive, real estate developers are offering flats for Rs 3,200 per square feet near IGI Airport. Interestingly, one has to pay only Rs 1,250 per sq ft initially as land cost. The rest of the amount can be paid once the construction work starts, claim developers.

Ever since the central government notified the operational guidelines for implementing the land pooling policy in May this year – it was notified in September 2013 – there has been a sudden increase in affordable housing projects in areas like Najafgarh, Ghummanhera, Chhawla, Hassanpur etc. Though the policy is yet to be operationalized, developers admit that bookings have increased in the past few months. An alarmed ation of the land pooling policy, Delhi Development Authority (DDA) has cautioned people.

It recently put out advertisements in newspapers asking people not to invest in such projects. “DDA will start the land pooling process after the Delhi government declares 89 villages as a development area. Only then can we invite people to participate in the process, which is likely to take some time,” said a senior DDA official.

But the prospect of buying a flat at an affordable rate has made many people consider the deal. “Where will you get a flat for Rs 3,250 per sq ft in Delhi? They are promising delivery of flats by 2021. It is a lucrative offer, especially for the middle class which wants have a house in Delhi,” said Vijay Sharma (name changed), a media professional and a resident of Najafgarh, who is thinking of investing in one of the projects.

The pamphlet of Oxygreen Galaxy, a project in Hassanpur, reads ‘Apartments from 27.75 lakhs onwards’ with various payment options. The project, the developer claims, is a ’10-minute drive from IGI Airport, 5 minutes from Dwarka Sector 21 Metro station and 5 minutes from Dwarka-Gurgaon expressway’. It also has a map indicating the location of the village.

Its executive told this reporter (who was posing as a buyer) that the project will come up at the existing site in Hassanpur and will be delivered by 2021. When TOI contacted Oxygreen Galaxy for its official version, manager Vishal Pratap Singh, said, “The policy (land pooling) has been notified by the central government. It has got all necessary approvals. Ten days back, all necessary approvals were given by the lieutenant-governor of Delhi. The construction work will start in a year’s time. The location of the project will be in a 5km radius of the present location of our land.”

TOI visited the villages and found huge hoardings of housing projects by various developers in the farmlands which are yet to be declared urbanized by Delhi government. Local property dealers are sceptical. “A large number of developers don’t have land in the area. Some of them pay a monthly rental close to Rs 20,000-Rs 50,000 to farmers for putting up hoardings in their fields. It is a big fraud,” said Sukhbir Shokeen, managing director, Shokeen Real Estate Pvt Ltd in Chhawla.

When TOI called up some of the developers posing as a buyer, they told us that the construction work will start in a year’s time and will be completed by 2021. When asked whether the project will come up at the site where they have put up the hoardings, most of them said it was the actual site. Some tried to evade the question but later said that it will come up within a 5km radius of the existing site. DDA officials say that the exact location of any such housing project can’t be determined at this stage.

Revanta Multi State CGHS Ltd, another developer, has advertised its housing projects in Chhawla. Their executive told this reporter that the construction work will start in a year’s time. But when TOI contacted the company for the official version, sales head Narendra Bhatia said: “We are not misleading people. We can’t give a time-frame for these projects. We will be able to give a tentative timeline on after DDA develops the area and gives us the land back. We have started bookings as this area will be developed through land pooling.”

Recently, Dwarka Forum, a group of RWAs in the sub-city, had written to DDA regarding these projects which developers are marketing aggressively. “Every day we get several pamphlets along with the newspaper, in markets etc, regarding these housing projects. They are offering flats at an extremely low cost which is unimaginable in a city like Delhi. We had recently written to the DDA vice-chairperson regarding these projects along with photographs of these pamphlets,” said Rejimon CK, member, Dwarka Forum.

Source: Times Of India
Dated: 21st November 2015

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One Response to “Castles in the air as land pooling waits”

  1. Abhinav says:

    Hello all,

    Great Article and an eye opener for investors.

    In my previous comments on various forums, I have been repeatedly asking people to be aware of the frauds which have been running in L zone. Please go through various links on youtube as well where in reporters have interviewed many farmers where in they accept that builders are paying them 25000-40000 per month just to keep their marketing board in their farm lands.

    Please do a hardcore verification of such builders and their claims. Please be alert if the property consultant and builder claims following points.
    1. Exact Land parcel where the project will come up.
    2. Exact time frame when the project will be delivered.
    3. The nearby developments adjacent to the area of development.
    4. Exact Proximity to airport / metro station / Shopping complexes / colleges / Aiims2 etc.
    5. Date of Start of construction.

    Please don’t be mislead.

    Happy investing.

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