With traditional colonies being developed into high rise apartments in posh areas, get ready for more homes in Delhi.
Zee Media Bureau
New Delhi: With traditional colonies being developed into high rise apartments in posh areas, get ready for more homes in Delhi.
Cashing in on the 'Delhi address fix', various real estate companies are redeveloping traditional colonies into high rise apartments that could eventually provide more home to Delhiites in posh areas of the Capital.
However, the prices of the new homes could be much higher than the traditional colonies due to the their locations as real estate companies are looking for redevelopment in posh areas of the Capital especially in the Central, South and West Delhi.
And according to a report in Hindustan Times, Tata Group is looking for such areas in Delhi after having developed related projects in Delhi.
“Right now we have not finalised anything, but we are looking for land parcel in West Delhi,” the HT quoted Brotin Banerjee, CEO and MD of Tata Housing Development as saying.
Under the projects, Tata Housing will take the land to construct residential apartments or towers. For instance, if an independent house has three fours and Tata Housing builds a 10-floor apartment, the company will have the rights to sell the remaining 7 floors.
“A number of buildings in Delhi are getting dilapidated and there is lack of space. The only way to get additional inventory in the city is to redevelop societies, to give consumers the latest amenities. Redevelopment will also boost housing and urban development in the Capital,” Banerjee told HT.