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Effect of Air Pollution on Real Estate Market in Delhi NCR?

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Effect of Air Pollution on Real Estate Market in Delhi NCR?

  • 24 Jun 2023

In Delhi NCR, air pollution has grown to be a serious issue. Worldwide, air pollution causes roughly 6.5 million deaths each year and costs close to $4.6 trillion. Only 10% of cities worldwide meet WHO (World Health Organisation) standards for air quality. For the past few days, breathing has been difficult for residents of Delhi and the Delhi NCR. The Capital has essentially been transformed into a gas chamber due to the heavy haze in the air. Pollution levels did, however, somewhat improve as measured by the Air Quality Index (AQI), which decreased from "severe" (400+) to "unhealthy" (150-200).It should be emphasised that an AQI of 0 to 50 is considered to be good, while an AQI of 400 or more is hazardous. The situation is quite concerning, and numerous action plans have been developed to reduce the pollution to a manageable level.

The real estate industry is directly impacted by the rising pollution levels in Delhi NCR. Construction activities are currently prohibited until November 20th after the National Green Tribunal (NGT) declared a restriction when the pollution level exceeded 400 AQI. All activities have come to an immediate halt, which will cause projects to take longer than expected to complete. Since most construction employees are wage earners and were likely forced to relocate to their villages or engage in other non-construction activities as a result of the work stoppage, it will take some time after the ban is lifted for the construction activity to return to normal. Moreover, negatively affect the locality's real estate prices. Once property purchasers factor pollution levels into their purchasing decision, it is inevitable that they will favour places with low pollution levels. Many potential property buyers are putting off making a purchase, and some have relocated to other less polluted areas.

In several districts of Delhi-National Capital Region, significant development projects are being carried out for various government programmes, and numerous road construction projects are ongoing, which is causing pollution to rise. The media attention that gives a very generalised opinion of the pollution level in Delhi & Delhi NCR and its severe impact without giving a detail analysis of each location has had a negative impact on areas like Raj Nagar Extension in Ghaziabad, which is a high potential area for home buyers.Burning agricultural waste in surrounding states like Punjab, Haryana, and Rajasthan has an impact on air pollution in Delhi NCR and Delhi. All of these variables contribute to more than simply project delays; they also have a detrimental effect on a community's real estate values.

How to Deal With Rising Pollution Level

The country-wide level of pollution peaks at specific times of the year. The real estate market will be impacted by the construction moratorium, making the goal of providing housing for everyone by 2022 a distant dream. The government recently launched 16-stage technology, which comprises precast and prefab, in an effort to make a beneficial impact. It's also a good idea to tarp up the building site.The Delhi Government's initiative to impose an odd-and-even transport restriction on Delhi roads may also contribute to a limited degree to the reduction of pollution. Installing a sizable air purifier in a busy place may also be effective. Bans on using battery-operated vehicles, the burning of agricultural dry waste leaves, and the use of diesel generators are a few measures that can be taken to reduce the pollution level, which is getting worse.

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