A home for multiple cultures
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.