You might get a second shot at owning property in Gurgaon with new sectors from 58 to 115 soon to be added to the list of the already-existing 57 sectors. The department of town and country planning (DTCP) has recently passed orders for further land acquisition for new sectors mentioned in the Masterplan.
The DTCP has planned the process in a phased manner the order has been passed for sectors 58 to 67 in the first phase; the second phase will add 99 to 115 and the third will take care of the rest.
We have initiated the acquisition proposal as of now. Once we get orders from the Haryana government,we will work on providing basic amenities like master roads,water,sewerage and others, said Madhusmita Moitra,District Town Planner,Gurgaon.
Each sector is expected to spread over anywhere between 300 to 500 acres. There will be separate residential sectors,commercial sectors and institutional sectors according to the plan, said the DTP,adding that most sectors are purely residential. Not many mixed land use options are available here, said Moitra. Explaining the process,the DTP said: After the process is initiated,the plan is sent to the state government for approval. Once it gets a go-ahead from the state,we invite objections from land owners under Section 4 of the Land Acquisition Act which have to be submitted within 30 days. Once we receive applications,there is a hearing after which the state government takes the final decision. However,in special cases,there is a direct acquisition without hearing,under section 17 of the Act.
Once the compensation is paid and the land details are entered in the land revenue record,the DTCP transfers it to the Haryana Urban Development Authority (HUDA),starts development work on it and invites private builders.
However,the officials are withholding the exact details of the land which will eventually be acquired. There are possibilities that villagers or land owners might get a stay order which makes the task unnecessarily difficult for us, explained the DTP. By making 14,930 hectares available for residential,and 1,404 hectares for commercial development,the new Gurgaon Masterplan is expected to boost real estate development in Gurgaon.
Market sources expect the new supply could be good news for the middle-class apartments at Rs 2,000-2,500 per sq ft in a market where very few are available for less than Rs 2,700 per sq ft.
It could also lead to some price correction in developed areas,say realtors. Prices will have to be flexible, explained K K Singh,owner of BDS Estate,adding,Builders will have to be soft on the buyers and will have to stick to deadlines,unlike the trend in the past.
However,being low on funds,realtors say the pressure is high on them. The market has to become transparent since it is end user driven. The track record of defaulters has brought in negative sentiments so the builders will have to be cautious, said Singh.
Prices in the new sectors being created under the plan will be at least 30 to 40 per cent lower than in the existing sectors,said Rajesh Sharma of JMD Associates,adding that most projects have come to a standstill. With more land becoming available,he said,developers will start focussing on the middle and lower segments and not only on high-end housing as they have been doing so far.