Con­ve­nience is key

HT Estates - - Property & To-let Classifieds - Vi­neet K Singh

One of Delhi’s most ‘con­ve­niently’ lo­cated ar­eas, just 15 min­utes away from the heart of the Cap­i­tal – Con­naught Place – Pat­par­ganj was the place where the Bat­tle of Delhi was fought in 1803 be­tween the Bri­tish and Marathas.

Ear­lier a sleepy lo­cal­ity, de­vel­op­ment work picked up pace from the 1950s and by 1990 a num­ber of res­i­den­tial so­ci­eties had come up here when about 175 acres of land meant for in­dus­trial de­vel­op­ment were al­lo­cated by the govern­ment for res­i­den­tial ac­com­mo­da­tion. About a hun­dred hous­ing so­ci­eties and independent dwellings ex­ist here, in­clud­ing the high­end UNESCO Apart­ments, Mi­lan Vihar, and Tech­nol­ogy Apart­ments etc.

One grouse res­i­dents had about this area was the traf­fic con­ges­tion, but a six-lane fly­over built closeby has taken care of the prob­lem. The real es­tate mar­ket of Pat­par­ganj has seen a ma­jor hike in cap­i­tal rates from R3000 per sq ft in 2009 to R8000 per sq ft in 2011. Rentals, too, have not lagged – reg­is­ter­ing a high of R25,000 for a 3BHK dwelling from R14000 a few years ear­lier.

Lo­ca­tion apart, the ad­vent of the Metro has led to a three­fold rise in rates. It is a well-con­nected lo­cal­ity given its elab­o­rate bus net­work and easy ac­cess to prom­i­nent res­i­den­tial ar­eas such as Mayur Vihar and Noida. That’s also the rea­son why techies work- ing Noida MNCS pre­fer to rent apart­ments here. The in­dus­trial sec­tor with its many car show­rooms and other in­dus­tries en­joys high rental and cap­i­tal rates.

Ac­cord­ing to N K Ag­gar­wal of Ag­gar­wal Es­tates: “The cap­i­tal rates in Pat­par­ganj were as low as R4000 per sq ft in 2008 but with rapid de­vel­op­ment, the same area now com­mands a price of R8000 per sq ft. We ex­pect prices to go up fur­ther. There is no like­li­hood of any down­ward trend.”

If you’re hunt­ing for a home here, be ready to pay up any­thing be­tween R7000 per sq ft to R11000 per sq ft. A house in a high-end so­ci­ety will cost you any­thing be­tween R65 lakh to R1crore. Prices around the lo­cal mar­ket Madhu Vihar are higher at R2 crore or more.

Com­mer­cial space is avail­able for R14,000 per sq ft to R22,000 per sq ft, so a shop in Madhu Vihar will come for around R40 lakh to R1 crore. Those look­ing for prop­erty in the in­dus­trial area will have to pay any­where be­tween 14 crore or more.

Rentals here have main­tained a high be­cause of the Metro. Pre­pare to dish out R15,000 to R25,000 for a 2 and 3 BHK house, de­pend­ing on the lo­ca­tion. The rates for com­mer­cial or re­tail out­lets here are R70,000 to R6 lakh or even more if it’s close to the in­dus­trial area.

Pat­par­ganj has a lo­cal mar­ket that caters to the daily re­quire­ments of the res­i­dents.

R

Value added: Pat­par­ganj is a favoured desti­na­tion among techies in Noida as it is close by and of­fers af­ford­able rentals

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