Stockton, California reported the highest foreclosure rate among the nation’s 100 largest metro areas from Jan to Jun 2007, according to RealtyTrac, an online marketplace for foreclosure sales. Detroit and Las Vegas documented the next highest foreclosure rates. RealtyTrac’s 2007 Midyear Metropolitan Foreclosure Market Report showed the foreclosure activity in the top 100 metro areas for the first half of 2007. As foreclosure rates continue to rise, 82 out of 100 metro areas recorded year-over-year increases in foreclosures.
Stockton reported one foreclosure filing for every 27 households with a total of 8,169 foreclosure fillings on 4,239 properties. The rate of foreclosure has increased exponentially to three times more than the number reported last year, for the same period.
Detroit, with one in 29 households going for foreclosure, recorded the second highest foreclosure rate. A total of 28,705 foreclosure filings were made on 20,231 properties, which is almost double the number reported from Jan-June 2006.
Las Vegas documented one foreclosure filing for every 31 households, making it the third highest in foreclosure activity among the 100 metro areas. It reported 22,928 foreclosure filings on 13,028 properties, double the number reported during the first half of 2006.
Six of the top 20 metro areas with the highest foreclosure rates were in California and four in Ohio.
The following are the top 20 U.S. housing foreclosure markets from Jan to Jun 2007, the total number of foreclosure filings and households per foreclosure filing.
1. Stockton, California: 8,169 foreclosure filings; one foreclosure filing for every 27 households.
2. Detroit/Livonia/Dearborn, Michigan: 28,705 foreclosure filings; one filing per 29 households.
3. Las Vegas/Paradise, Nevada: 22,928 foreclosure filings; one filing per 31 households.
4. Riverside/San Bernardino, California: 41,351 foreclosure filings; one filing per 33 households.
5. Sacramento, California: 20,516 foreclosure filings; one filing per 36 households.
6. Denver/Aurora, Colorado: 23,842 foreclosure filings; one filing per 42 households.
7. Miami, Florida: 20,275 foreclosure filings; one filing per 46 households.
8. Bakersfield, California: 5,365 foreclosure filings; one filing per 47 households.
9. Memphis, Tennessee: 10,800 foreclosure filings; one filing per 49 households.
10. Cleveland/Lorain/Elyria/Mentor, Ohio: 8,844 foreclosure filings; one filing per 50 households.
11. Fort Lauderdale, Florida: 15,720 foreclosure filings; one filing per 50 households.
12. Atlanta/Sandy Springs/Marietta, Georgia: 36,502 foreclosure filings; one filing per 54 households.
13. Fort Worth/Arlington, Texas: 13,221 foreclosure filings; one filing per 57 households.
14. Fresno, California: 4,867 foreclosure filings; one filing per 60 households.
15. Indianapolis, Indiana: 11,677 foreclosure filings; one filing per 62 households.
16. Dayton, Ohio: 5,966 foreclosure filings; one filing per 63 households.
17. Dallas, Texas: 23,284 foreclosure filings; one filing per 65 households.
18. Akron, Ohio: 4,378 foreclosure filings; one filing per 70 households.
19. Oakland, California: 13,482 foreclosure filings; one filing per 70 households.
20. Columbus, Ohio: 10,706 foreclosure filings; one filing per 70 households.

While the present plan caters to the population of Gurgaon i.e. 22 lakh, the New Gurgaon-Manesar Urban Complex Plan 2021 is designed keeping in mind the population of 37 lakh and includes Manesar, as well.

For buyers, the new masterplan means an opportunity to buy property in Gurgaon at affordable prices. Earlier, end-users didn’t have options, so they had to purchase property at prices ranging from Rs 2,500-7,000 per sq ft. Now with the coming of the master plan, buyers will have more options to buy real estate of their choice. More availability will also result in some moderation of property prices, experts say.

Overall development

It envisages wider roads and allocation of more areas for residential, commercial, SEZ and infrastructure purposes. New roads are also on the agenda. There will be a 150-metre road linking Vasant Kunj, Mehrauli and Gurgaon and another 150-metre connecting Andheria More, Gurgaon, Faridabad and Delhi.

A 75-metre stretch will link Dwarka’s residential complex and Palam Vihar to Gurgaon and a 150-metre peripheral road for Gurgaon inter-city will run parallel to National Highway-8, till the toll plaza. Sector roads have been increased from 60 to 75 metre. A positive sign for residents, real estate investors and developers as well.

Continuing their thrust on the road connectivity across and around Gurgaon, a half-a-km wide buffer will also run from Dhanavaj village, adjacent to the railway line, towards Shikopur village near the NH. This stretch will be around 12-13 km long. Also on the agenda is a leisure valley.

Delhi Metro extension of the link coming from Central Secretariat into South Delhi Andheria More, near Qutab Minar in South Delhi to Gurgaon, IFFCO chowk, south City –II to Manesar. Another Metro link is coming from Dwarka, Palam Vihar till Manesar. These both Metro links will connect at the same place.

Investment Opportunities

According to the latest Gurgaon-Manesar plan, 58 more sectors will be developed in addition to the existing 57, taking the number of sectors to 115. A slew of property projects have already been developing in these sectors and one can plan buying property in sector 91, 92 etc., of course after research, says Kushal Pal, a property broker based in Gurgaon.

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