Connectivity Is The Key Word In Delhi Budget
Delhi Finance Minister Manish Sisodia recently presented his government's Budget for 2017-18 which failed to impress those who were expecting doles for the real estate sector. However, Sisodia, who is also the deputy chief minister of the Arvind Kejriwal-led union territory government, announced certain measure that are likely to impact the overall housing market.
Road to recovery
Sisodia sanctions Rs 5,506 crore to transport and road infrastructure. A major part of this will go to the Delhi Metro Rail Corporation for buying new coaches and start preparation for laying Phase-IV of the network. Apart from this, new buses will be added to the existing fleet to smoothen the connectivity in the areas where bus frequency is irregular. Another project that got a big chunk of the total Budget is the over-bridge road on Barapullah Nallah Phase -III from Sarai Kale Khan to Mayur Vihar. This is expected to be completed this year, for which the government has allocated Rs 150 crore.
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The smooth connectivity from South Delhi to Mayur Vihar and eastern region of the national capital region is expected to boost property rates in the mid-segment market of Vinod Nagar East and Pandav Nagar. In fact, Noida might rise up again in the list of preferred locations because of growing connectivity. At present, the traffic congestion on Mayur Vihar flyovers and Noida Gate during peak hours is a big concern for daily travellers.
Other development includes direct East-West Corridor that would connect Anand Vihar ISBT (inter-state bus terminus) to Peeragarhi and south-north corridor from Wazirabad to the airport. A feasibility study has already begun and consultants have been appointed for the same.
Push to education sector
Setting up of new institutes, universities and schools in different corners of the city are likely to bring an immediate rise in rental queries in nearby localities. Sisodia has announced another campus of the Delhi Technical University in East Delhi, with the capacity of 2,000 students. It is interesting to note that the 24 per cent of the total Budget that is Rs 11,000 crore has been allocated to education development.
No new taxes
The Delhi government refrained from imposing an additional taxes on citizens. Moreover, due to no new tax policy, laminates, plywood and granite will get cheaper, ultimately giving more power to homebuyer for shopping endlessly for their dream home.
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The misses
As the list of hits and misses is endless as the UT government failed to deliver the poll promise of providing free wi-fi but ended up giving subsidised electricity and water which has gained enough supporters. In this Budget as well, a substantial amount has been allocated to provide water pipelines.