The article seeks to explore the booming real estate segment of South Delhi. Read on to learn more!
The realty segment of South Delhi has always witnessed exclusive demands from the buyers. The residential property market has exhibited positive trends with booming capital and rental values in the first quarter of 2013. South Delhi is among the most posh localities of Delhi where the prices have seen stability because of the lesser number of property transactions. However, the scenario is changing with an increasing number of buyers interested to invest in the South Delhi.
The market analysts state that the onset of Delhi Metro and widening of roads have boosted the rental and capital values in property in Hauz Khas, Green Park, Malviya Nagar and Saket. Besides, the growth of retail segment and establishment of corporate offices in the proximity of these areas have led to increased demand for housing.
Booming retail segment
The realty market is picking up momentum and international retailers are looking forward to expand their businesses in India. This is the reason why market will be experiencing slow resurgence in the values of both residential and commercial properties. South Delhi is all set to witness a rapid growth in the realty segment because the retailers are showing greater interests in such markets. The leading brands are willing to invest in the high street markets and shopping malls of South Delhi, thus directly boosting the real estate values of independent houses and flats for sale.
Other reason for increased commercial and residential activities in South Delhi is its easy accessibility with important NCR hubs, which are Gurgaon and Noida. Because of the excellent returns and cosmopolitan lifestyle, the localities have attracted professionals employed in these areas. Availability of social and physical infrastructure in the posh living offers incredible lifestyle to the end users.
The completion of metro network has helped in decongesting of the roads and adding to the values of the properties. Areas like Green Park, Hauz Khas, Lajpat Nagar, Kailash Colony, Vasant Kunj, Kalkaji and Nehru Place have started fetching rental values in the range of Rs. 25,000-2,50,000 per month, depending on the built area, locality and other specifications.
Though the market has been stable, still the rentals of the properties increased by around 12-18%, while the buy/sell segment witnessed a hike of around 10% in the past couple of months. The real estate consultants and builders state that with the demand for properties touching the sky, the economic sector has also benefitted. The buyers and investors also show interests in resale properties markets of South Delhi.
Earlier, there were a number of localities in South Delhi particularly, which were not considered as viable options to invest, some of which may be Munirka, Vasant Kunj, and areas around the Ring road. Now the time has changed and the prices of such locations have multi-folded, buying property in Delhi has now become out of the reach of the middle class people. The south Delhi has now become the most sought after and the costliest places in Delhi, as they offer the best connectivity to other parts of Delhi as well as adjoining cities like Faridabad, Noida and Gurgaon.
Other areas like Safdarjung Enclave, New Friends Colony, Lajpat Nagar, Panchsheel Enclave, Chitaranjan Park, etc. are very costly to afford and even flats range from lakhs to crores. In addition, there are a number of companies, which are located in the southern Delhi, particularly in Nehru Place and Okhla. These localities are famous for the commercial properties that also are too expensive.
Rashmi Karan writes on the behalf of 99Acres.com, which is the leading real estate portal providing genuine and accurate information about the current real estate trends regarding purchase and sale of both residential and commercial properties across nation.
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