Reasons for Real Estate Boom!
•The increasing foreign investments in real estate in Delhi have opened new avenues for the commercial properties in Delhi. Established multi-nationals operating from Delhi have created success stories for others to follow. The demand for office space reflecting international standards of the MNCs is in vogue. glenn delve
• Also, as more and more people plan to take a break from the routine 9-5 jobs and plunge into running their own businesses, the demand for office space increases ten-folds.
•The population explosion in Delhi due to enormous migration of manpower raises the demand for residential properties. As far as purchasing a residential property is concerned the rich can do so at any point of time, the problem lies with the middle working class and the poor. Both the government and the private developers have taken a note of this and are now targeting to provide affordable residential options. Special schemes are being launched to construct townships for the poorer sections of the society.
•Cheaper raw materials, manpower availability and cost-effectiveness to run industrial units in the Delhi NCR region has sparked a row among industrialists to encash the available resources and the opportunity.
•There were days when one had to run in different directions to shop for clothes, footwear, jewelry or rush to eateries and movie theatres situated at two different ends. The advent of Malls has changed the way you shop, dine or watch a flick. Malls have brought in the concept of everything under one roof. The multi-storied Malls have everything to offer, right from your basic needs to entertainment options. The real estate in Delhi has a silent invader in the form of retail sector. Malls and multiplexes are mushrooming in every nook and corner of the city.
Residential Sector in Delhi’s Real Estate Market
Taking a closer look at the residential sector in the real estate market in Delhi, the prices of residential properties are mainly driven by location. Lutyen’s zone is a preferred posh locality among the affluent class. Residential properties in this area sell like hot cakes though at a breathtaking price. Aware of the worth of owning a house in this area, the residents prefer not to part with their residential asset. Thus, it is rare to find a property on sale in this area. As the property demand in this area is high with a limited supply, it is but natural for the prices to be exorbitantly high. Lutyen’s zone thus houses top industrialists, politicians, bureaucrats and business tycoons having deep pockets. The prices in this area never see a downfall due to the elite neighborhood, historical significance of the location, well-developed infrastructure and civic facilities. Owning a home in Lutyen’s zone earmarks high status in the society.
•Real Estate in East Delhi
Moving on to residential properties in East Delhi, the area is fast gaining acceptance as compared to the past. Anand Vihar, Lakshmi Nagar, Shahdara, Indirapuram, Mayur Vihar, Vivek Vihar, Dilshad Colony and Patparganj among many others fall under East Delhi. East Delhi is bordered by Ghaziabad and Noida. Treated as one of the most ignored regions of Delhi, East Delhi was home to only a selected few in the past having a low-income. The area was deprived of the basic facilities of schools, hospitals and entertainment options. However, at present, the area has been developed into a decent residential area leaving behind the cluttered and overshadowed structures and brimming with all the basic facilities. The property prices in East Delhi are also increasing gradually in the wake of attention it is getting from the real estate developers.
• Real Estate in North Delhi
North Delhi property prices are also soaring high as it houses Delhi University. Presence of Azadpur Mandi also adds to the price hike as a supplier of vegetables and fruits to the whole of Delhi and NCR region. An excellent metro and road connectivity further make North Delhi a costlier affair. Azadpur, Kashmere Gate, Pitampura, Inderlok, Ashok Vihar, Model Town, Rohini, Shalimar Bagh, Civil Lines, Kingsway Camp, Rajiv Nagar, Ghanta Ghar, Mukherjee Nagar, Rani Bagh, Wazirpur, Tees Hazari, Shakti Nagar, Prashant Vihar and Central Secretariat are some of the areas in North Delhi. The area faces high demand for PG accommodation as the area has an abundance of DU students.
• Real Estate in South Delhi
South Delhi is a preferred residential location in Delhi. It includes Amar Colony, Ashram, Bhikaji Cama Place, Delhi Cantt, Anand Lok, Bhogal, C.R.Park, East of Kailash, Bijwasan, Alaknanda, Defence Colony, Friends Colony, Dilshad Garden, Jasola Vihar, Lajpat Nagar, Nehru Place, New Friends Colony, Safdarjung Enclave, Sarojini Nagar, Malviya Nagar, Hauz Khas, Jungpura, R.K.Puram, Vasant Kunj, South Extension, Vasant Vihar, Kalkaji, Munirka, Golf Link, Okhla, Green Park, Panchsheel Park, Gautam Nagar, Khan Market, Saket, Mehrauli, Niti Bagh, Sheikh Sarai, Mahipalpur, Netaji Nagar, Nizamuddin, Sangam Vihar etc. Known as the first residential choice due to its location, South Delhi is a favorite among corporates, government employees and businessmen alike. The prices of properties in South Delhi are also soaring higher and higher as it houses several posh areas.
• Real Estate in West Delhi
Real estate in Dwarka, West Delhi, is having a roller-coaster ride. The planned structure and sound infrastructure has made Dwarka a favorite for residential property. The whole subcity is full of apartment buildings offering lucrative amenities. The prices of the properties in Dwarka are becoming menacingly expensive. Even the commercial and retail sectors are in an expansion mode. Other areas falling under West Delhi for residential purpose are Janakpuri, Pitampura, Punjabi Bagh, Rajouri Garden, Rohini and Patel Nagar.