Real estate market may see a boom

When Sir Edwin Landseer Lutyens first set his sights on the area where his plans for the new capital of British India would take shape, he probably had no inkling that the scraggy, dusty land would one day be Delhi’s most sought after by the rich and the powerful.

Most bungalows in this coveted zone belong to the government of India and the number of private properties is much less. It is no wonder that recently, a bungalow in the LBZ was reportedly sold to a private company for over Rs. 300 crore.

Experts feel if the proposal to redevelop the LBZ gets a green nod, it is possible that prices might go up.

The proposal, which would have a major impact on the real estate market, is the plan to exclude areas such as Golf Links, Bengali Market, Sunder Nagar and Jor Bagh from the LBZ. With these posh areas out of the LBZ boundary, it would be possible to go for taller buildings with more space, paving the way for more housing.

“Not only will the proposed rules allow new high rises with better facilities to come up, it will also provide value for money to buyers. As of now, despite high prices, the space is restricted for construction,” said Ashwinder Raj Singh, CEO, residential services, Jones Lang LaSalle India.

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