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Real Estate Property Survey For New Delhi

IndianMoney.com Research Team | Posted On Saturday, June 13,2009, 05:18 PM

Real Estate Property Survey For New Delhi

 

 

New Delhi is the national capital of India and also one of the oldest cities in the world. Still it remains a very attractive destination for investors. One of the main reasons for investor’s preference for New Delhi is its good connectivity with most of the cities in India as well across globe. Delhi is a multilingual city with people from each and every part of India having their presence. The economy of Delhi is expanding day by day with the establishment of more industries and influx of more investments in the city.

Facts and Figures  
 
Area
1,483 sq .km
Population
1,38,50,507
Literacy
81.82%
Languages
Hindi, English, Urdu and Punjabi
Major Industries
Information Technology, Telecommunications, Hotels, Media, Banking and Tourism
Major Companies
DLF, Tata Technologies Limited, Honeywell International (India) Pvt Ltd, SAP India Pvt. Ltd, TCS Business Transformation Solutions Ltd
Altitude
239 m above sea level
Males
76, 07,234
Females
62, 43,273
Density
9294 persons per sq. Km.
Per Capita Income  
Rs. 38,864/-
Climate
Extreme Hot in Summer and Cold in Winter
Minimum Temperature
04 Degree Celcius
Maximum Temperature
46 Degree Celcius
Winter
December – February
Spring
March to mid April
Summer
April end to August
Autumn
September to November
Best time to Visit
October to March
 
Delhi has overtaken Mumbai & Kolkata in recent years to become the most vibrant creative art center in India. The city has more than twenty five galleries. Conducted tours, seminars, film shows and study classes on art appreciation, history and conservation are frequently organized. Most of the performing art centers are around Mandi House and Bhagwan Das Road.
Delhi is the fifth most populated urban area in world with satellite towns like Faridabad, Gurgaon and Noida making it a NCR, called the National Capital Region. NCR was developed because Delhi needed room to expand and bear the burden of increasing growth and development in the region. Delhi not been able to satisfy the need of this very demand, sought the potential of neighboring cities like Noida and Gurgaon. Today, Noida and Gurgaon are closely associated with Delhi and the immaculate infrastructure makes the commuting among these cities an easy ride.

See Also: BBMP Property Tax

 

Why Property Investment In Delhi?

 
Investment in property has always been a profitable option and with the growth of real estate industry, there has been a sudden increase in property investments. Delhi is the home to many multinational companies, bureaucrats and politicians. Also, heavy migration of people from across the country has fuelled property demand.
 
Buying a property in Delhi is a wise decision because you can have long term appreciation given the demand and supply mismatch. The city’s infrastructure has improved tremendously with the advent of Metro Rail service. The proposed New Delhi Master Plan 2010 has all those ingredients that would make it a world class city. New Delhi has good schools, colleges and other reputed institutions that offer a wide range of academic courses ranging from technical, management, medical, art and other specialized courses. Thus, companies based out of Delhi have access to abundant local talent pool.
 
Delhi continues to draw a large number of real estate investments despite reaching a mature stage in the real estate sector. Foreign investors and NRIs living abroad are now looking at Delhi from investment point of view where they have the option to invest in luxury flats, apartments, home, villas, penthouses, farmland and bungalows. Delhi offers world class commercial and residential property be it apartments, retail space, builder floors or independent houses. This detail report makes an honest attempt to discover these aspects of New Delhi and identifies best properties for the readers. This report also gives both the rental and capital value of apartments for various localities using tables and charts, which gives you the clear picture of the existing market trends in Delhi and the best areas in the capital to buy or sell the property.
 

City Zones in Delhi

 
In contemporary times the metropolis like Delhi has been divided into five important zones which include the East, West and North, South and Central zone. Keeping the tradition, we have prepared the report by paying minute attentions at the zonal level.
 
We divide Delhi into 5 main zones
  1. South Delhi
  2. North Delhi
  3. East Delhi
  4. West Delhi
 

South Delhi Property Survey

 
South Delhi is a combine of both ancient and New Delhi. South Delhi ranges from congested lanes of villages like Munirka to swanky localities like Hauz khaz, Vasant Vihar, Greater Kailash, C R Park, Panchsheel Enclave, South Extension, Defence Colony, Friends Colony, and Green Park etc. Delhi made its inroads by increasing to every potential location within the periphery of Delhi and South Delhi is the outcome of this very fact. New buildings, posh localities, improved shopping complexes, malls and world class infrastructure can be seen in South Delhi.
 

Prominent Areas in South Delhi

 
  1. Chanakyapuri
  2. Greater Kailash
  3. Lajpat Nagar
  4. Mehrauli
  5. South Extension
  6. Vasant Kunj
 

Property Survey Report – South Delhi

 
Residential Property Capital Value (Rs. Per Sq. Ft.)
 
Location
Current Quarter
Previous Quarter
Q-o-Q
(%)
East of Kailash
    8,600-8,900
    9,000-9,300
 -5%
Greater Kailash
13,750-16,000
12,000-14,000
-10%
Defense Colony
13,500-18,000
14,400-19,200
 -7%
Lajpat Nagar
 8,500-11,000
 9,000-11,800
 -8%
New Friends Colony
 9,000-12,000
 9,000-12,000
    0%
South Ex
    6,000-8,000
    6,600-8,800
-10%
Vasant Kunj
    7,500-8,200
    8,250-9,000
-10%
Saket
13,500-15,000
15,500-17,250
-15%
Green Park
 8,000-12,000
 8,600-13,000
 -8%
 

North Delhi Property Survey

 
North Delhi lies in the region of Old Delhi and has its own importance in the landscape of Delhi. North Delhi has the trace of some great monuments that Mughals left behind like Red Fort and Jama Masjid. Delhi’s old and popular markets are situated in North Delhi. Places like Chandni Chowk, Kashmiri Gate and Darya Ganj are located in North Delhi. It happens to be one of the densely populated areas of urban Delhi. Civil Lines, Model Town and Ashok Vihar are among the posh localities of North Delhi. 
 

Prominent Areas under North Delhi

  • Civil Lines
  • Model Town
  • Pitampura
  • Rohini
  • Kashmere Gate
 

Property Survey Report – North Delhi

 
Residential Property Capital Value (Rs. Per Sq. Ft.) 
 
Location
Current Quarter
Previous Quarter
Q-o-Q
(%)
Alipur
 8,500-11,000
 8,900-11,500
-5%
Ashok Vihar
 8,500-11,000
 8,900-11,500
-5%
Model Town
   3,200-4,500
    3,300-4,700
-6%
Paschim Vihar
   4,500-6,000
    4,800-6,400
-7%
Pitampura
 8,500-11,000
 9,300-12,000
-10%
Rohini
 8,700-11,500
 9,700-12,700
-12%
Shakti Nagar
   4,500-5,500
    4,800-6,000
-8%
Shalimar Bagh
 8,000-11,000
 8,600-11,800
-8%
Shashtri Nagar
   4,000-5,500
    4,200-5,700
-5%
Civil Lines
10,500-14,500
11,200-15,500
-7%
 
 

East Delhi Property Survey

 
East Delhi is bounded by the Yamuna River on the west, North East Delhi to the north, Ghaziabad District of Uttar Pradesh state to the east, Gautam Buddha Nagar District of Uttar Pradesh to the southeast, and Central Delhi, New Delhi, and South Delhi to the west across the Yamuna. Delhi being the national capital of India had the influx of people from all parts of the country. These people found East Delhi an appropriate place to build homes which embarked the increase of East Delhi. The period between 1980 and 1990 saw maximum number of growth in population. East Delhi has been successful in accommodating large population of outsiders from different parts of the country. This is the reason why Delhi and other parts of Delhi have a cosmopolitan culture.
 

Prominent Areas in East Delhi

 
1.      Mayur Vihar
2.      Patparganj
3.      Preet Vihar
4.      Shahdara
5.      Yamuna Vihar
 

Property Survey Report – East Delhi

 
Residential Property Capital Value (Rs. Per Sq. Ft.) 
 
Location
Current Quarter
Previous Quarter
Q-o-Q
(%)
Anand Vihar
 7,000-9,000
 7,500-9,700
  -8%
Mayur Vihar-1
 4,000-5,500
 4,400-6,000
-10%
Mayur Vihar-2
 5,000-6,500
 5,200-7,000
  -7%
Mayur Vihar-3
 5,000-6,500
 5,200-7,000
  -7%
Patparganj
 6,000-7,500
 6,300-8,000
  -6%
Preet Vihar
7,800-10,500
8,700-11,700
-12%
Dilshad Garden
 4,000-5,500
 4,400-6,100
-11%
Vivek Vihar
 5,000-7,000
 5,400-7,500
  -8%
Laxmi Nagar
7,500-10,000
8,000-11,000
  -9%
 
 

West Delhi Property Survey

 
Some of the important and high-class localities of Delhi fall in the west. Patel Nagar, Punjabi Bagh, Dwarka, Janakpuri and Rajauri Garden are the most important localities of West Delhi. Places in West Delhi are famous for shopping with fashionable markets where you can have everything from clothes, home furnishing items to home durable goods.
 

Prominent Areas in West Delhi

  • Dwarka
  • Janakpuri
  • Punjabi Bagh
  • Paschim Vihar
  • Najafgarh
 

Property Survey Report – West Delhi

 
Residential Property Capital Value (Rs. Per Sq. Ft.) 
 
Location
Current Quarter
Previous Quarter
Q-o-Q
(%)
Janakpuri
 6,000-7,500
 6,500-8,000
 -8%
Kirti Nagar
 4,000-5,500
 4,400-6,000
-10%
Meera Bagh
 5,000-6,500
 5,300-7,000
 -7%
Moti Nagar
 4,000-5,500
 4,300-6,000
 -9%
Paschim Vihar
 4,200-6,000
 4,500-6,500
 -9%
Patel Nagar
 4,500-6,000
 5,000-6,700
-12%
Punjabi Bagh
 5,000-7,000
 5,500-7,700
-11%
Rajinder Nagar
 4,000-5,500
 4,300-6,000
 -8%
Rajouri Garden
 3,500-4,500
 3,800-5,000
-10%
Vikas Puri
 4,000-5,500
 4,500-6,300
-15%
Dwarka
 4,000-5,500
 4,500-6,000
-12%
 
 

Central Delhi – A Zonal Analysis

 
The most significant area of Delhi is its central region. Central Delhi is one place to glance at. It is a master piece where you can easily take a indication of British architecture in its buildings. The area comprises of Willingdon Crescent, Connaught Place and Lodhi Gardens. It also includes memorials like Rashtrapati Bhawan, Sansad Bhawan and India Gate. This place is a focal point of tourists and is full of chronological monuments like Jantar Mantar, St James Church. Being the hub of commerce and politics, Central Delhi is a place to travel around.
 

Prominent Areas in Central Delhi

  • Connaught Place
  • Karol Bagh
  • Pragati Maidan
  • Paharganj
  • Chandni chowk
 

Property Survey Report – Central Delhi

 
Residential Property Capital Value (Rs. Per Sq. Ft.) 
 
Location
Current Quarter
Previous Quarter
Q-o-Q
(%)
Connaught Place
90,000-115,000
90,000-115,000
 0%
Karol Bagh
      4,500-6,000
      4,600-6,100
-2%
Paharganj
      5,500-7,500
      6,000-8,000
-8%
Rajender Nagar
      4,000-5,700
      4,200-6,000
-4%
Prithviraj Road
 22,500-30,000
 22,500-30,000
 0%
Motia Khan
     3,000-4,500
      3,200-4,800
-5%
East Park Road
      3,000-4,500
      3,200-4,800
-7%
 
 
Central Delhi has mostly high end and luxurious independent bungalows and villas. Applicable rates are shown in the above table. Older areas of Central Delhi such as CP and Prithviraj Road have acute shortage of any new property.
 

Residential Sector Scenario in New Delhi

 
Delhi is ranked as the second largest market in the country in terms of size and socio-economic profile and with an affluent population comprising a cosmopolitan mix from across the country. In the residential sector, a majority of the leading real estate consultants believe that South Delhi will continue to generate demand and that investment in these areas and adjoining them will fetch returns of 5-8 per cent a year for the next three years. Of late, there has been an increase in demand for flats, especially in the areas lying between the Inner and Outer Ring roads. Adding to the ever increasing demand for properties in the national capital, the land prices and residential properties have increased many-fold and are still on the rise thereby making investment in the capital city of India a deal worth to be secured.
 
Some premium residential locations in Delhi which are favored by expats, diplomats, industrialist and senior managers are Golf Links, Jor Bagh, Shanti Niketan, Westend, Anand Niketan, Neeti Bagh, Amrita Shergill Marg, Prithviraj Road, Vasant Vihar, New Friends Colony, Ishwar Nagar, Sunder Nagar, Chanakya Puri and Panchsheel Park.
The residential sector, which has already seen a 15-20% price correction in markets across the country this year, is going to witness a significant residential supply over the next 12 to 18 months. Massive development in Gurgaon and Noida and their increased connectivity to Delhi through Delhi Metro will further put pressure on Delhi property prices. The direct implication of the oversupply will be that the rentals will come down drastically which could lead to a further price correction over an extended period of time (one to two years) in majority of New Delhi except those highlighted above. Sales in secondary markets have also taken a beating with very few transactions taking place at relatively lower price points than market expectations.
 

Commercial Sector Scenario in New Delhi

 
Real estate has always been about location. But over the years, it's becoming more about reputation and productivity. Driven by positive growth in the economy and large scale investments in the IT, ITES and BPO sector, the demand for commercial real estate in Delhi is growing. In a recent survey, New Delhi appeared as one of the top three investor's choice for real estate investments.
Commercial Office Space in Delhi has been at a short supply since long and market players do not expect the demand to soften in the near term. Earlier if a company wanted to go for office space they generally looked at Connaught Place, Nehru Place, Okhla Industrial Area to name a few. But today new and quality developments have come up in areas like Jasola and Saket by developers like DLF, Uppals, Saluja Salcon, TDI and others.
See Also: Should You Buy Under Construction Property In RERA Regime?
The commercial properties of New Delhi are segmented in three divisions that are Central Business District (Connaught Place), Secondary Business District (Bhikaji Cama Place and Nehru Place in South Delhi) and Peripheral Business District (Saket, Jasola & Noida).
With NextGen Properties, one can expand his/her choices in commercial sectors to any extent as the developers incorporate large array of property types including shops, showrooms, office spaces, multipurpose building, time share, shopping mall spaces, hotels and resorts, warehouse godown, cold storage, factory manufacturing, kiosk stall, business centre, roof rights, agricultural and industrial plot land and institutional plot land etc.
See Also: 5 Major Factors That Affect Property Prices in Cities
Moreover, Commonwealth Games and expansion of Metro Railways have led and will lead to long term development of the commercial portion of real estate sector of Delhi. Further, industry surveys reinforce that swelling growth of New Delhi’ commercial sector will gear up to touch at least 100 shopping malls by the end of 2010.
In Delhi, both rental and capital values for commercial property have been on an upswing. The demand situation is strong with almost all grade-A buildings occupied and those under construction already leased. While demand for commercial space in Delhi is high, supply is limited since the supply of commercial land depends on auctions by DDA which are held infrequently.
Commercial property is becoming a real alternative to investment in residential real estate. In addition to capital appreciation, commercial property offers higher rental yields of typically 8-10% compared to residential yields of 4-5%. Two areas Connaught Place and South Delhi are witnessing rising rentals and near-zero vacancy.
 

Retail Scenario in New Delhi

 
Delhi is the best example of a multi-ethnic and multi-cultural society with an ever-expanding economy. Delhi is ranked as the second major market in the country in terms of size and socio-economic profile and it's steadily rising quality of life, a booming economy and consumer market makes it one of the hottest destinations for Retail segment.
Conventionally, Delhi has been one of the leaders in retail activity in the country. Several large retailers first opened shop in the capital city. The cash-rich Delhi population is a perfect market for high-end retailers and this explains the presence of all the premium brands, including Marks & Spencer's, Lacoste, Louis Vuitton, Nike, Reebok, Wallmart, and McDonald etc in the city. More or less all Indian retail giants are present in the Capital and looking at expansion.
The traditional main retail areas in Delhi, including areas like Connaught Place, South Extension, Greater Kailash, and Vasant Kunj would continue to command high prices due to lack of fresh supply. Taking the benefit of shortage of retail space in Delhi, many private developers are coming up with new retail projects in south and North Delhi. Saket disst center would cater high end societies in the south and Pitampura's Netaji subhash chander place would cater mix of high end and middle class societies in North and west delhi.
The prime-selling commercial real estate areas in Delhi, which also make up the major shopping places, are as follows:
North Delhi: Pitampura, Kamla Nagar
South Delhi: Greater Kailash I & II, M Block Market, Ansal Plaza, South Extension I & II, Defense Colony, Basant Lok, Saket and Lajpat Nagar.
East Delhi: Laxmi Nagar, Preet Vihar.
West Delhi: Rajouri Garden, Janakpuri, and Karol Bagh.
Central Delhi: Connaught Place.
We expect another 50-60 malls coming up in New Delhi in the next 3-4 years.

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