Small housing projects will soon offer options to investors looking to buy homes in plotted colonies and group housing societies in Gurugram and Faridabad. This is because the state government has reduced the minimum area norms for residential and industrial colonies. The move, developers say, will help revive the ailing real estate sector.
As per the revised norms, the minimum area required for developing a residential plotted colony is now 25 acres for hyper, 20 acres for high, 15 acres for medium and 10 acres for low-potential zones. Earlier, it was 100 acres each for hyper and high, 15 acres for medium and 10 acres for low zones.
Similarly, the cap on minimum area required to procure licence for a residential group housing project has been brought down to five acres for hyper, four acres for high, two acres for medium and one acre for low-potential zones. Earlier, it was 10 acres each for hyper and high, two acres for medium and one acre for low.
For industrial plotted colonies too, the area norms have been revised to 25 acres for hyper, 20 acres for high, 15 acres for medium and 10 acres for low. Earlier, it was 50 acres each for hyper and high, 15 acres for medium and 10 acres for low.
And the minimum area norms for low density eco-friendly colony (one-acre farmhouses) has been revised to 25 acres from 100 acres.
Navin Raheja, CMD of Raheja developers, said the move will change the skyline of Gurugram. “This will help revive the real estate sector gong through a slump in big way. The decision will benefit not just developers but also buyers as this will create lot of opportunities for both the parties,” he said.
Speaking about the impact on the affordable housing sector, Surinder Singh of GLS Group said, “This will definitely help in development of leftover pockets, which are lying vacant due to area norms. At the same time, the state government will earn revenue in form of EDC/IDC and the licence fee, which will help in improving the infrastructure of the city.”
RK Arora, chairman of Supertech group, also welcomed the decision. “A lot of new projects will come up in the cities with the state government allowing smaller land size for the housing development. It will boost the realty sector and give more options to the home buyers looking for affordable houses,” he added.
A senior official from the town and country planning department said the land cost has gone up multiple times in Gurugram, “due to which the department has not received many application for licences thus affecting revenue generation”.
Source : TOI