Latest News | South Delhi Present Huge Scope for Redevelopment Plots Worth Rs 5.65 Lakh Cr: Report
Get latest articles and stories on Latest News at LatestLY. South Delhi has around 18,500 privately owned residential plots with current market value of Rs 5.65 lakh crore, presenting a huge potential for undertaking real estate redevelopment projects, according to a report by Golden Growth Fund.
New Delhi, Feb 26 (PTI) South Delhi has around 18,500 privately owned residential plots with current market value of Rs 5.65 lakh crore, presenting a huge potential for undertaking real estate redevelopment projects, according to a report by Golden Growth Fund.
In a report released on Wednesday, Delhi-based Golden Growth Fund, a Sebi-registered Alternate Investment Fund (AIF), noted that there is a huge scope for redevelopment in posh colonies across South Delhi.
There are around 18,446 residential plots, owned by private parties, across the 42 (MCD regulated) Category A, B & C colonies in South Delhi whose size ranges from 125 square yard to 1750 square yard at an average price of Rs 6- 15 lakh per square yard, the fund said.
The current market value of these land parcels is estimated at Rs 5.65 lakh crore, said Ankur Jalan, CEO, Golden Growth Fund. A certain percentage of these land parcels comes into the market every year for redevelopment, he added.
The Municipal Corporation of Delhi (MCD) has divided all colonies of Delhi under eight categories – A, B, C, D, E, F, G & H. Circle rates, property tax rates and stamp duty charges for property registration are based on these categories. Category A and B, being the most exclusive locations, are located in South Delhi.
In the 13 Category A colonies, around 3704 plots are available whose size ranges from 200 square yard to 1200 square yard at an average price of Rs 7 lakh per square yard to Rs 15 lakh per square yard.
In the 27 Category B colonies, around 12,720 plots are available whose size ranges from 125 square yard to 1,750 square yard at an average price of Rs 6-12 lakh per square yard.
Some of the Category-A and B colonies are Mayfair Garden, Panchsheel Park N Block, Panchsheel Park S & E Blocks, Sadhana Enclave, Anand Niketan, Vasant Vihar, Shanti Niketan, Westend, Chankyapuri, Golf Links, Jor Bagh, Sundar Nagar, Maharani Bagh, Chirah enclave, Greater Kailash, Green Park, Gulmohar Park, Niti Bagh etc.
“South Delhi is predominantly inhabited by the wealthy class comprising businessmen, lawyers and salaried professionals with taste for luxurious floors and villas.
As a result, a lot of new developments on vacant plots or redevelopment of old buildings are being undertaken to suit the taste of the neo-rich next-Gen and cater to the needs of the growing families," Jalan said.
Golden Growth Fund is a category II Real Estate focussed AIF, which make investments in South & Lutyens' Delhi.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)