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“In Delhi, the market has seen a huge correction in residential property prices, which was much required. As state land development agency Delhi Development Authority’s (DDA) plans to come up with DDA colonies around farm areas beyond Mehrauli fructify, there is no big pressure on demand. Supply is expected to grow,”said National Housing Bank Executive Director RV Verma.
At the same time Faridabad, which falls within the National Capital Region (NCR) and is situated at a distance of around 30 km from Delhi, has seen a sharp rise of 47 per cent in housing prices compared to January-June 2008.
Faridabad is emerging as an investors’ market. Starting with a relatively lower price base, the market is far from saturated. Given its proximity to Delhi, this satellite city has a vantage position,” said Verma. As this city gets connected to the rest of Delhi by Metro, the prices are likely to rise.
Four other metros, which have reported a sharp upswing in prices compared to the July-December 2009 period are economic growth centres like Bengaluru, Mumbai, Pune and Chennai. “These cities have seen a rise in prices because of a vibrant local economy, mostly driven by the
Information Technology sector. The growth has helped to revive the economy, presented better employment opportunities, impacted salaries leading to regeneration of demand for housing,” Verma said.
While Bengaluru and Chennai witnessed a 10 per cent rise, Mumbai recorded 6 per cent and Pune saw a 13 per cent increase, according to the NHB data. “The housing demand is driven by young couples in these cities. Bengaluru and Pune have also emerged as post-retirement destinations,” Verma added.
Source-indianexpress.com
Lucknow: The recent incidents of farmer unrest and violent protests against land acquisition and compensation issues may well have been the last nail in the coffin of the much-hyped Rs 40,000 crore, 1,047-km-long, eight-lane access-controlled Ganga Expressway project, which was to connect Greater Noida, at one end of Uttar Pradesh, to Ballia, at its other end.
The project, that has always bee in in the eye of a storm for one reason or the other, has been in the pipeline for almost three years now but it has met with some hurdle or the other, forcing it to be relegated to the files.
While for the main opposition party in the state, the Samajwadi Party, demanding the scrapping of the Ganga Expressway project in the aftermath of the farmers’ agitation against the Yamuna Expressway may be a politically motivated step, insiders in the know of things say that the Ganga Expressway project “may be still alive in letter but is dead in spirit. For all you know, the SP may be flogging a dead horse. The project is unlikely to take off now,” he said on condition of anonymity.
It may be mentioned that the project, which has been bagged by Jaypee Associates, had faced initial protests from opposition parties of all hues in Uttar Pradesh, who claimed that the project was a sell-out to the industrial house. The Samajwadi Party, the Bharatiya Janata Party (BJP) and the Rashtriya Lok Dal (RLD) had launched scathing attacks on the ruling Bahujan Samaj Party (BSP) government on the floor of the state assembly for allegedly giving undue benefits to the contractor of the project at the cost of the farmers. The farmers, too, had demanded the scrapping of the Ganga Expressway Project, alleging that it was a conspiracy to render them unemployed and landless.
But the chief minister’s most ambitious project suffered the worst jolt in May last year when the Allahabad High Court restrained the State Government from proceeding on the project and directed it to obtain prior environmental clearance. A division Bench comprising of Justice Ashok Bhusan and Justice Arun Tandon passed the order on a petition filed by a Varanasi-based social organisation’ Ganga Mahasabha’ and the Vindhya Environmental Society, which had alleged the proposed 1,047-km, 8-laned access controlled highway would expose large part of the state to many an environmental hazard.
Source – financialexpress.com
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