DELHI: Hailing the inclusion of three more districts in the National Capital Region, realtors' apex body CREDAI today said the move will lead to additional supply of land for development.
It cautioned however that the government prepare a master plan for development of the region or else builders will start accumulating land, leading to rise in prices.
The property consultant said there would not be any immediate impact on the property market of NCR.
Yesterday, the National Capital Region Planning Board (NCRPB) included Bhiwani and Mahendragarh districts of Haryana and Bharatpur in Rajasthan in NCR.
"It is a futuristic decision with vast ramifications for NCR region. Reports foresee almost 11 per cent increase in urbanisation of this area by 2021 and to reduce the pressure on Delhi, there was urgent need to expand the area," CREDAI NCR President Anil Sharma said in a statement.
Stating that land is in short supply, Sharma said it was essential to expand the area to meet the future housing needs.
But, he cautioned that merely adding these areas to NCR will not serve the purpose unless infrastructure is developed in a rapid and planned manner.
"The decision should be followed up with preparation and implementation of Master Plan as soon as possible otherwise builders will start accumulating land, leading to speculative price rise," he added.
Jones Lang LaSalle India CEO (Operations) Santosh Kumar said: "Its a long term decision. There would be no immediate impact of this on the NCR property market.
"More land parcel will come in the NCR. These districts would get central funds for infrastructure development. The connectivity of this region to the national capital will improve."
The consultant noted that builders might start buying land, but it is unlikely that project would be launched in this region.