Realty Rise in Gurugram

Due to sudden demonetization and other paper works along with validation process initiated by Government, there are a lot of questions within people that, is it a good time to invest in property or not. Let me guide you, people who are looking for buying their dream home this is the right time to invest in property. And if you looking for location Gurgaon bring you many well-made residential projects in which you can invest. The government has now brought some great opportunities and policies for middle-class people and women, especially so that they can buy a home for themselves and family.

What kind of policies Government has brought that will help people to achieve their “Dream Home?”

Within four years span, Government has come up with various policies and reforms, among them some policies and reformations are really beneficial for people. If we talk about the implementation that Government has done in the domain of housing, infrastructure, real estate and urban development, we can it has been a mixed one.

How much Haryana and Gurgaon have progressed with the Latest Government Policies?

Haryana and especially Gurgaon have made an impressive progress with the Government’s flagship mission “Housing for all”. This policy has boosted up affordable housing program in Gurgaon. And due to this rule implementation, now many are planning or have achieved their dream home. It has even raised hope in people for whom having own home was out of reach! Now affordable housing projects have been a destination for all where everyone can find their dream home.

What progress has been made in real estate division after the launch of Government’s Affordable Housing Plan?

The government has currently improvised and amended Affordable Housing Policy of 2013. As per 2013 Affordable Housing Policy, only 300 acres were allotted to developers for building affordable homes but now more 500 acres are allotted to builders for projects under affordable homes with an increased limit of 10 to 15 acres. The minimum land criteria have been reduced further from 5 to 4 acres. Now, this will help builders to increase more housing units. As per an estimate, more 72000 affordable housing units will be added to this segment in Gurgaon. As per the scenario currently, 35000 affordable houses are under construction in Gurugram.

How is NILP an added advantage to Affordable Housing Project?

The NILP has been another positive point towards Affordable housing program. As per the NILP (New Integrated Licensing Policy), the minimum land cap for large housing projects has been reduced which is also a positive step towards promoting more affordable housing units. Even the concept of Transferable Development Right that has been introduced in Maharashtra is a great move.

Why was Affordable Plotted Housing Policy introduced?

Even for small towns which are under medium and low potential Government has introduced The Affordable Plotted Housing Policy last year with a motive to create high density plotted colonies. This policy was introduced to create an additional stock of housing units within the state.

What are the stringent norms that are introduced for project license and will actually benefit the homebuyers?

For sake of further benefits of homebuyers, Government has come up with more stringent rules for Builders. For renewal of a license, developers are made mandatory to provide details of complaints that are pending against them and also are asked to submit the development progress details of the particular project. Further, the Central Government has scrapped the age-old policy that gave authority to the Chief Minister to grant a license to builders and developers for building housing projects, this is done solely to cut down the corruption and to bring transparency.

What changes are made by Government in House construction?

As per Haryana Building Code 2017, State Government has eased the norms and allowed construction up to 4 floors plus stilt so that the growing demand for a house can be met in urban areas.

What is a “Simplified Change of Land Use” policy?

As per “Simplified Change of Land Use” policy projects that are up to 1 acre and costs up to Rs. 10 crores are getting single-window clearance. The new land purchase policy was further formulated to prevent and demolish distress sale in which the land was sold by farmers while involving landowners which was allotted as voluntary land by Government for development projects.

Haryana has been ranked second in the category of ease-of-doing business. The ranking has been announced by Government Department of Industrial Policy and Promotion.

Which are Slow Progress Areas?

The state government must get the credit for setting up long-awaited Gurgaon Metropolitan Development Authority on the lines of Noida Authority. But the Bill for the formation of GMDA in June 2017 is still not signed and approved even though the deadline was October 2017. But now through trusted sources, it is heard that the bill will come into action within one month. Even in the domain of landmark reform of RERA, the state government is moving slow. Government is now facing challenges for diluting the RERA norms to safeguard the interest of home buyers and waiting for the High Court verdict for the same.

What are the challenges that Gurgaon is facing in the matter of road and metro railway?

If we are looking towards Metro rail connectivity Haryana’s Progress is quite slow and disappointing. The major metro link for Gurgaon- Manesar which was to be started by 2015, but in February 2017, Haryana Government has approved a proposal of the mass rapid transport system (MRTS) between Gurgaon and Manesar. The much-awaited metro link between Old Gurgaon and New Gurgaon is still on hold. However, the Rapid Metro seems to have progressed a bit and planned to rework on the proposal of Rapid Metro 3 extension to link Gurgaon railway station in Old Gurgaon from Sikandarpur via Iffco Chowk. Coming to the matter of E-way projects things are again hanging on fire, due to land acquisition issue. The Eastern Peripheral Expressway (KMP Expressway) and The Northern Peripheral Expressway (Dwarka Expressway) has become a long-awaited project. The 27.9 kilometers long Dwarka Express Way connecting Dwarka (Delhi) and Kherki Daula (Gurgaon) on NH8 though has been stated as an alternate route between Delhi and Gurgaon to avoid Traffic jam but the project got stuck halfway due to land acquisition hurdles.

But still leaving these small issues, Gurgaon has been a high demanded place to have affordable homes, and now people are investing more into this kind of projects. So if you are planning to have your own dream home, then this is the right time to have one, when Government norms are in full favor of the buyers.