Delhi real estate market to hike as Centre proposes to shrink Lutyens Bungalow Zone
When the legendary British architect Edwin Landseer Lutyens landed in Delhi to see the sites for new British capital in India, he would have never thought in his wildest dreams that it would transform to one of the most sought after areas in the capital city. In the memory of Lutyens and to honour him for the architectural marvels, Delhi named the famous verdant enclave as Lutyens Bungalow Zone (LBZ) which composes colonial bungalows which are under government ownership.
As far as the realty sector of Delhi is concerned, the much awaited news is the Centres’ plan to trim the Lutyens Bungalow Zone by 5.13 km. The proposal suggests excluding posh areas like Golf Links, Bengali Market, Sunder Nagar and Jor Bagh which adds up more space for construction to flourish. Once implemented, the famous enclave, also known as ‘Lutyens Delhi’ will be redefined to 23.60 sq km from existing 28.73 km sq which further can be expected to boost the realty prices. Earlier, the government has redefined LBZ twice in the years 1988 and 2003. When the former renewal decreased LBZ to 25.88 sq km, the latter increased in area by 28.73 sq km.
By the fair redefining of LBZ by 5.13 km, Delhi will bear taller constructions to its chest, paving way for more housing. Considering the high market value in the area, the exclusions of these areas from LBZ will witness lot of construction activities and new infrastructure. More builders will flood to the area resulting in construction hike, creating new opportunities for buyers.
The market value of the region is undoubtedly the top in Delhi. Substantiating the fact is the surfacing of a report which revealed a private firm packing a bungalow in LBZ for a mammoth Rs 300 crore.
The excluded areas of LBZ will now be relieved from the constructional restrains of the law. The current rule restricts the structures in LBZ to exceed a particular low rise height and in adding basements. Once getting the final nod, the residential properties will be enacted 12 meter high with basements, while the commercial constructions will have 32 meter height with three level basements.
In what marks to be a major factor to boost the realty arena, the LBZ holds most iconic structures of capital city Delhi like India Gate, Rashtrapati Bhavan, Parliament, Supreme Court, and High Court, Prime Minister’s office and many other key diplomatic institutions.
Hence the Lutyens Bungalow Zone can be analysed as one of the expensive real estate segments of our country. So get ready to be a part of the realty boom and get your properties amid thick greenery, glacis of trees and manicured lawns of Lutyens Bungalow Zone.