A Time to Rejoice for Indian Real Estate Developers

March 9, 2007	(Be the first to rate this story!)  Loading ...
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Now comes the satisfying time for Indian real estate developers when they can invest anywhere in and around the National Capital Region (NCR) like Gurgaon, Noida, and in Ghaziabad.

In Kundli, after the commencement of work on Kundli-Manesar-Palwal expressway, land prices for an acre of land have jumped to Rs. 2-3 crore from Rs. 25 -40 lakh per acre whereas in Bahadurgarh, few kilometers from Kundli, the rates have increased from Rs 13-18 lakh per acre to Rs 50- 90 lakh per acre.

Property rates in Manesar have too shot up from Rs 20-25 lakh per acre to Rs 1.10-1.40 crore per acre.

The expressway, which will cover a distance of 135 km - is considered the most expensive and the longest Indian expressway to be constructed, has just pushed the property prices over the roof.

Property developers of Palwal, the third city which will be connected by expressway, are too smiling from ear to ear. Land rates in Palwal have gone up from 14 lakh per acre to Rs 45-80 lakh per acre.

In the past one year, owning to the announcement by Indian government about these expressways, highways and other infrastructural projects, the Indian real estate industry has seen a rise of mammoth 150 percent.

A builder, who is building a 1,200 acre township at Kundli, feels the property rates along this KMP expressway will only go up and up from here. He expects an increase of 200% in the property rates along this route once it gets operational.

Currently, property rates at Kundli for residential properties range from Rs 10,000-15,000 per sq. yd. and its Rs 5,000-7,000 per sq. ft. for commercial properties.

News Published Under:   Real Estate Developers |