Did Not Get a Flat in DDA Draw? Explore Options in The NCR

Published: April 30, 2011
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Those who did not find their names in the recent DDA draw might be feeling a little low as they may not be able to purchase a house in the capital with no DDA scheme in the near future. Experts, though, say that there is no point in cursing fate - they aver that it is time to think beyond the capital.

While the NCR cities close to Delhi are still no match for the national capital, fact is that if serious end users continue to wait for long to find a house in Delhi, they may even miss the housing options in the NCR, altogether.

“I think there are several options available in the NCR, since Delhi does not have many projects on offer.

Everybody has been eagerly awaiting the DDA draw, and hoping for another draw is a farfetched option; genuine buyers must start looking for alternatives . Areas like Ghaziabad will see an upsurge in the number of buyers due to their close proximity to Delhi and better infrastructure facilities. In Ghaziabad, demand will further increase, especially in areas like Indirapuram, Mohan Nagar, and with the Metro reaching places like Vaishali, Vasundhara and Raj Nagar Extension, this will be a golden opportunity for genuine buyers to invest,” says Vijay Jindal, CMD of SVP Group.

Realty experts say that all those who have not booked a DDA flat must think of the NCR now. The overall development is pushing prices there too, but one can still get plenty of affordable real estate opportunities in places like Ghaziabad, Faridabad , Noida, Greater Noida, Raj Nagar Extension and Gurgaon. Gurgaon and Noida are already going out of the reach of salaried class. However, other key NCR towns seem to be good options for all those who could not find their names in the list of lucky winners of the DDA draw.

Admittedly, the rates in both Noida and Gurgaon are hitting the roof and it is advisable to book a flat wherever your budget permits before all these places also register unaffordable prices for the middlesegment pockets.

A spokesman of the Raheja Group says that for the unlucky ones in the DDA scheme, there are ample options in the NCR in developing locations, which are still not over-priced . They can weigh opportunities in Ghaziabad, Faridabad, Noida as well as Gurgaon.

Experts say that many prospective buyers were waiting for the DDA housing scheme’s draw to get over before they make a decision about buying a house.

Devinder Gupta of Century 21 realty consultancy predicts a flurry of activity in the real estate market of the NCR in the weeks and months ahead. This will give a boost to real estate market as many of the more than seven-lakh applicants would now look for a dream home. “I am sure serious buyers would seal a deal in the NCR rather than wait any more,” says Gupta.

Realtors say that Noida, Ghaziabad , Faridabad and Greater Noida will see some big launches in the next few months and these areas will benefit from the increased demand . In a couple of months, as the summer vacation for schools begin, many people will start their house hunting mission with gusto.

Saed Ansari, an anchor for News 24, says that when he shifted to Delhi after working in Star News in Mumbai a couple of years ago, he booked a flat in Noida without wasting any time. “I thought that was my most sane decision. I am very happy in Noida and who knows, I may buy another one in Noida or Greater Noida,” Ansari says.

“Of the 7.4 lakh people who couldn’t get a flat, at least 3.5 lakh are serious buyers and still need flats. This demand will result in a boom,” says Alimuddin Rafi Ahmed, the CMD of ILD Group. He believes the entire NCR would be a beneficiary.

Arun Mohan, advocate and author of “Affordable Housing” , says that despite some shortcomings in terms of infrastructure, the NCR towns are coming up very well.

“It is advisable that all those who do not have a generous budget book their flats in the NCR. Who would have thought that ten years ago, places like Noida and Gurgaon will grow so much. All those who have invested in these places are reaping the benefits.”

Source: The Economic Times


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