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