A home for mul­ti­ple cul­tures

HT Estates - - HTESTATES - Proy­ashi Barua

Metro con­nec­tiv­ity has un­de­ni­ably im­proved the real es­tate prospects of sev­eral in­con­spic­u­ous ar­eas of Delhi NCR. West Delhi’s Ut­tam Na­gar, sur­rounded by Dwarka, Na­jaf­garh, Nan­gloi, Janak Puri and Vikas Puri, is no ex­cep­tion. “Sub­ject to size, prop­erty prices here have dou­bled or tripled in the course of the last five to seven years,” says An­shul Garg, a real es­tate agent. “To­day, the price of a 3 BHK flat ranges from ₹ 40 lakh to ₹ 50 lakh while 2 BHK flats and I BHK flats cost any­thing be­tween ₹ 20 to ₹ 30 lakh and ₹ 15lakh, re­spec­tively,” shares Garg. Al­lud­ing to an in­ter­est­ing as­pect of the res­i­den­tial prop­erty land­cape of Ut­tam Na­gar, Raj Ku­mar, also an agent, says, “The rental rates are fairly high when com­pared to the buy­ing and sell­ing rates. For in­stance, rent­ing a 2 BHK apart­ment in the rel­a­tively up­mar­ket Arya Sa­maj Road, Jee­van Colony and Mi­lap Na­gar can set you back by al­most ₹ 20, 000 (per month). In­ci­den­tally, for the same bud­get, you can get a sim­i­lar sized apart­ment in some of the more posher lo­cal­i­ties of west Delhi like Ra­jouri Gar­den and Janakpuri. The strik­ing dif­fer­ence is that in th­ese ar­eas 2BHK apart­ments are sell­ing for a crore and above.”

A very high de­mand can be the ex­pla­na­tion be­hind steep rentals. “While on one hand this area is con­nected to Noida via the Blue Line Metro, on the other it is ad­ja­cent to Gur­gaon and the IGI ( Indira Gandhi In­ter­na­tional) Air­port. Hence, we get a lot of rental queries from peo­ple who work in Noida, Gur­gaon, Vaishali or Con­naught Place apart from those who run shops and small com­mer­cial es­tab­lish­ments in var­i­ous part of west Delhi like Pa­tel Na­gar, Ra­jouri Gar­den, Vikaspuri, Janakpuri and even Karol Bagh,” says Ku­mar. The area is fa­mous for small biryani joints and bak­eries like Polka Cakes and Cof­fee.

Ut­tam Na­gar i s also f ar more cos­mopoli­tan than its posh coun­ter­parts. “A huge num­ber of peo­ple prac­tis­ing dif­fer­ent faiths from Bi­har, Ut­tar Pradesh, Ra­jasthan and Haryana have been re­sid­ing here from al­most six decades and are com­fort­able within this cul­tural mi­lieu. This is very un­like the tra­di­tional Pun­jabi bas­tions of Ra­jouri Gar­den and Janakpuri. This is why rentals vary from place to place.” Price is not the only thing which is fast chang­ing in the res­i­den­tial prop­erty seg­ment of this area. “Not very long ago (around five to seven years back) Ut­tam Na­gar had nu­mer­ous plot op­tions. A mas­sive plot of around 100 square yards was avail­able for just ₹ 10 lakh. How­ever, to­day most of th­ese plots have been sold to in­di­vid­u­als and builders who have com­pleted con­struc­tion here. So plots are few and far be­tween and very ex­pen­sive. A 100 square yard plot to­day costs around a crore plus,” says Neha Sharma a res­i­dent of Mi­lap Na­gar.

The price ap­pre­ci­a­tion in the com­mer­cial real es­tate seg­ment is not much dif­fer­ent. The monthly rentals for a 200 square feet area com­mer­cial space in the Na­jaf­garh Road is to­day any­where be­tween ₹ 30,000 to ₹ 35,000. Half a decade ago the same space was avail­able for ₹ 1,70, 000 and less. “The sell­ing price for com­mer­cial land of this size is ₹ 60 lakh,” adds Gaur. In­ter­est­ingly, real es­tate ex­perts are of the view that price ap­pre­ci­a­tion at Ut­tam Na­gar has reached its peak and there are no prospects of fur­ther growth in the com­ing years.

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