The farmhouse craze in New Delhi is not a new phenomenon. While the rich have always preferred their lavish bungalows and farmhouses in the heart of the National Capital, several regulatory measures were eased to make them more accessible for a wider spectrum of buyers. It is thus not surprising that demand for farmhouses has gone up throughout the pandemic.
Sprawling and lavish farmhouses in or near New Delhi are once again in huge demand in the post-pandemic era. Leading corporate execs and businesspersons are on the hunt for bigger and open spaces, seemingly frustrated with staying confined in high-rise apartments, penthouses and luxury floors throughout the nationwide lockdown. Several transactions have been observed in late 2021 for these properties in a relatively shorter duration according to industry experts. There were almost 20-25 deals in a month being closed as compared to just 2-3 deals each month in the pre-COVID-19 era. HNWIs (high-net-worth individuals) are scouting for lavish farmhouses in New Delhi and adjoining NCR zones in order to beat the stress of the pandemic. They are looking for horizontal living instead of high-density and vertical lifestyles.
Demand has sizably gone up for luxury farmhouses in the National Capital. A trend that has been observed is that of joint families selling off their primary homes or clusters of apartments in a bid to shift to a bigger farmhouse with a garden or lawn and at least some open space as per experts. In fact, one of the biggest such deals was seen in New Delhi sometime earlier, when the owners of leading sanitary-ware brand Jaquar purchased three mega farmhouses within Westend Greens in New Delhi for a staggering Rs. 235 crore. Each of these farmhouses sprawl over a handsome 2.5 acres according to experts.
Some Other Interesting Aspects Worth Noting
Experts also estimate that farmhouses are steadily becoming primary and exclusive homes for well-heeled buyers. They are emphasizing greenery, trees, privacy, security and wellness and fitness related amenities. These farmhouse properties come equipped with several facilities including badminton courts, swimming pools, private gymnasiums, volleyball courts, home offices, yoga studios, snooker tables, golf putting provisions, practice nets and also home theatres in some cases as per experts. These farmhouse properties usually cover 1-2.5 acres, covering roughly 4,000 sq ft and more. The costs usually begin from Rs. 20 crore and it can exceed Rs. 100 crore as well.
Coveted locations include Vasant Kunj, Westend Greens, Sultanpur, Radhey Mohan Drive, and also Chattarpur, the famous bungalow enclave of the National Capital. With soaring demand after the COVID-19 pandemic, prices have also gone up handsomely by 10-30% as per reports. DDA (Delhi Development Authority) has also issued its approval for the Green Development Area or GDA policy draft, in order to ensure an integrated developmental framework of land within the demarcated green belt and the LDRA (low density residential area) based on the 2021 Delhi Master Plan.
There are three approaches adopted, namely Grades 2, 1, and 3. In the first grade, the proposal specifies 600-4,000 square metres up to more than 1 acre. In Grade 2, 4,000-10,000 square metres has been proposed, covering 2.5 acres. In the third grade, sizes of 10,000 square metres and more have been proposed. Upon clearance by the authorities, smaller farm houses will gain higher floor area ratio (FAR) or sanctioned area. This means that people will have bigger space on a smaller plot and hence farmhouse demand will go up exponentially throughout New Delhi in the future as per experts. The genesis of the proposed regulations lies in laws conceived a long time earlier, though the entire process has taken quite some time.
In a city where the elusive Lutyens Bungalow Zone (LBZ) remains strictly off-limits and unaffordable for everyone except a few select billionaires and multi-millionaires, the new DDA regulations will infuse life into the farmhouse market. People in New Delhi with the means are once again reverting back to horizontal development with sprawling farmhouses, more greenery, open spaces and good amenities that improve overall quality of life. Many wealthy families are also selling off independent homes and bungalows in prime but congested locations of the city and shifting to farmhouses as mentioned. Some are selling off luxury apartments including duplexes and penthouses for making the switch.
Years earlier, Chattarpur developed into a farmhouse enclave for the rich and the famous. It attracted a sizable proportion of the Capital’s residents and was known for some of the most luxurious properties in the country. Today, several other areas in close proximity to Delhi have rapidly mushroomed into major hubs for gated farmhouse communities with uber-exclusive amenities. The COVID-19 pandemic has changed a lot of equations in the Capital’s property market. There seem to be some interesting developments ahead as per experts!
