New Delhi: Authorization of the East Azad Nagar colony by the East Delhi Municipal Corporation has doubled the price of properties in the area. Now that the area has been legalized, investors as well as land builders are flocking to East Azad Nagar.Local residents are happy with the outcome. They have received a special status by being able to legally sell their properties now. Till recently all land dealings were carried on through general power of attorney (GPA). Residents got into fresh difficulties ever since last year the government refused to accept GPA. But in September 2012 the colony was approved for regularization. Ever since then properties in the area came to be in high demand.Property prices soared from Rs 3 lakh per sq yard to Rs 5 lakh per sq yard. The residents had been putting together a money pool that they had been receiving from builders interested in buying properties in the area after the approval for authorization. This money was used to pay for the layout so as to receive regularization from the government. The residents of all the 83 houses in the colony agreed at the point of paying for layouts as they received much greater benefits out of the regularization.Builders are offering high prices to residents to sell off their properties and sometimes they are offering even three times the present property rates in the area. Builders are interested as now they can get their building plans sanctioned and sell their buildings at high rates. The demand has been made even steeper due to the fact that the authorization will bring the area under the jurisdiction of the East Delhi Municipal Corporation and the civic agency will now be looking after the development of the area.Like the East Azad Nagar colony Resident Welfare Association many other RWAs are approaching the civic agency to get layouts sanctioned. The layouts for New Vishwas Nagar and Pandav Nagar have been finalized by the Corporation.займ на карту без отказов круглосуточновзять кредит онлайн