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New Policy for Farmhouses in Delhi

Delhi Development Authority has announced that the new minimum area for farmhouses or country houses from now on will be 1 acre instead of the previous 2.5 acre. Decrease of the minimum size stipulation will have several implications for the delhi real estate market.

The new farmhouse policy of the DDA will allow farmhouses to have higher floor area ration (FAR) of 20 than the previous FAR of 15. DDA will also be allowing the owners of new farmhouses to use higher FAR by paying extra for the utilization area. Older farmhouses where owners had used more than the permitted FAR are being regularized by penalizing the owners. This new farmhouse policy will affect the property prices in south Delhi. In the previous year property prices in south Delhi had declined by 10-15%. With the implementation of this new policy prices will drop further by 5 to 10% because in south Delhi premium homes by apartment builders cost as much as farmhouses. Property prices in areas like Vasant Vihar, Panchsheel, Defence Colony and other south Delhi localities have already dropped by 10-15%. The dip has commenced with the in principal approval of the new policy which was passed last year. On the other hand valuation has spiraled in the villages of the peripheral green belt of Delhi, the only region where building farmhouses is allowed. The government is yet to decide the areas in which farmhouses will be allowed to come up but in the green belt prices have already been raised by 50-150%. It is expected that leading and most popular areas for farmhouse building will be taken up most rapidly but then property purchaser will move towards newer areas. The new masterplan for Delhi will be including newer areas to come under the Delhi green belt. The land prices in the villages bordering Gurgaon such as Kangaheri, Raghupur, Nanakheri and Jhatikra are already increasing in anticipation of the future demand.

 

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