Making the ultimate lifestyle statement by owning a farmhouse in the Capital has just got easier. With the Delhi Development Authority (DDA) finally coming out with a farmhouse policy and planning to regularise more than 2,400 existing farmhouses, buying such a plush property is going to get more transparent.
“There are a lot of rich people Delhi who want to live in a luxurious farmhouse surrounded with greenery and also with space for swimming pools and tennis courts,” said Vineet Singh, business head of real estate portal 99acres.com. “The farmhouse policy would spur the market and hopefully clean up transactions and clear ownership in this sector,” he said.
According to experts, prices of farmhouses in south Delhi vary between R5-7 crore per acre and prices might go up to R10 crore per acre once these existing farmhouses are regularised.
“This is a welcome move by the DDA. With more floor area ratio allowed, bigger houses can be built and prices would rise drastically,” said Rohit Gupta, director, Tivoli Hotel. “These areas would now become more popular than even bungalows in central and south Delhi.”
Singh expects that entrepreneurs would be interested in moving in to farmhouses from penthouses, thanks to the lifestyle the former promises.
Experts, however, also caution that buyers should not jump into buying an existing farmhouse. “There is a market for about 17,000 dwelling units in this sector but the market would shrink if prices go up rapidly,” said Ajay Dabas, founder of delhifarms.com, an online branch of Certes Realty Ltd.
He said instead of investing in matured markets, buyers can go for ‘country homes’ allowed in green belt areas in the Master Plan of Delhi 2021.
He said that investors could look for areas that are evolving to buy a plot at one fourth the rate and build a farmhouse later on. “Unlike farmhouses in south Delhi, where groundwater levels have gone down to 500 metres, those in north west and south west Delhi have groundwater available at 40-80 metres. Also, peripheral roads are proposed in these areas promising good connectivity in the future,” he said.
Sidhartha Roy, Hindustan Times New Delhi, August 05, 2012,First Published: 23:47 IST(5/8/2012) | Last Updated: 02:01 IST(6/8/2012)