Norms for Construction Sector
The newly framed construction norms in Delhi, which made provisions for smaller one-acre farmhouses, holders of large properties and farmhouses on the outskirts of the national capital, are unlocking their surplus land values. It may be recalled that the Delhi Development Authority (DDA) earlier this year has reduced the minimum area requirement for farmhouses to 1 acre from 2.5 acres previously. The revised norm offers owners of an estimated 2,700 farmhouses in the city the opportunity to downsize and monetize their surplus property. Since the asset prices in these areas have appreciated significantly in the past decade and now offer an opportunity to unlock value as the property prices in and around Chatarpur in southern fringes of Delhi have gone up by more than 200 times in a little over a decade. While farmhouses are springing up in newer areas within the city's limits, owners of farmhouses in older areas such as Chhatarpur, Satbari, Asola, West End Greens, Jaunapur, Ghitorni, Pushpanjali, Kapashera and Bijwasan have started negotiations with realty developers and property brokers, which in turn will give boost to real estate activities.