How Delhi Realty Is Getting Caught In The Cross Hairs of Crime, Pollution
For some, homes are an aspiration, for others, they are a dire need. For some property is an investment option, for others, it is a channel to make a style statement. There are a thousand reasons that lead to one using one's blood sweat and tears to invest in properties. However, the very basic purpose of a home remains the same for each set of buyers. Someone living in a small shanty expects his tiny abode to provide him safety; someone living in a large mansion wants the same. It would be hard to imagine they would be willing to compromise on that factor if they have a choice.
It is in this context that we will talk about national capital Delhi, and its real estate.
According to a white paper released recently by non-governmental body Praja Foundation, around 60 per cent people feel Delhi is not safe for women and children. The white paper on the status of crime and policing in Delhi compiled data based on a survey that took votes of 24,301 respondents. Fifty per cent of the respondents also said they did not feel secure in the national capital.
In Mumbai, the state of affairs is not that bad.
As compared to 50 percent people in Delhi, only 17 per cent respondents do not feel safe in the financial capital. Twenty five per cent Mumbai residents think the city is not safe for women, children and senior citizens as against Delhi's 60 per cent.
Here is more.
*One in every 14 people in Delhi over 18 years of age has been a victim of crime.
*Around 57 per cent of the victims of crime in Delhi did not report the matter to police.
*Of the 43 per cent people who informed police about crime in Delhi, 76 per cent were dissatisfied with the force's response. Respondents from Chandni Chowk (21 per cent) and northwest Delhi (21 per cent) were the least satisfied with the police response.
*About 57 per cent of the people in Delhi do not feel secure while travelling in the city. Of these, 63 per cent expressed apprehensions about travelling in northeast Delhi.
*Of the total 24,301 survey participants in Delhi, 15 per cent faced incidents of theft, murder, etc.
How this unsafe state of Delhi impacts its real estate?
As living in Delhi got more akin to be living in a gas chamber, those who could afford quit the national capital to move to less-polluted places. Food critic and TV anchor Mayur Shah is one of them — the Highway on My Place-fame anchor left this city in November 2016.
As the cruelty of the pollution goes intolerable day after day, others too are considering the possibility of the same, a feeling that has led to the birth of the present-day Quit Delhi Movement. Gone are the days when prices and presence of jobs were the only factors that determined people's home-buying choices. For those living with their old parents or children or both being in a city such as Delhi is a big threat — if you somehow manage to escape crime, you are sure to be got by the pollution. That safety factors matter a great deal is an already-established dictum.
Data available with the National Housing Board show when compared to the levels in 2013, property has become cheaper in Delhi. According to the NHB, average property prices in Delhi stood at Rs 10,690 in the first quarter of the financial year 2012-13. From thereon, the fall in prices has been consistent, except the sporadic upward movement witnessed during some quarters. In Q1 FY17, average prices came down to Rs 9,886 per sqft.
In short, property is more affordable in Delhi today than it was in 2013. How many are willing to pay this rate to have a home in a city ridden with pollution and a high crime rate is another matter altogether.