South Delhi

South Delhi The Most Happening Residential Place In Delhi Property Market

South Delhi is the most happening residential place in Delhi property market. The major residential localities in South Delhi include: Ashram, Amrit Puri, Alakananda, Anand Lok, Amar Colony, Bijwasan, Bhogal, Bikaji Cama Place, C.R. Park, Defence Colony, Central Market, Delhi Cantt, Dilshad Garden, East Of Kailash, Deoli Village, Freedom Fighter Colony, Ghitorni, Friends Colony, Gautam Nagar, Golf Link, Hauz Khas, Green Park, Greater Kailash, Gulmohar Park, Jasola Vihar, Kailash Colony, Jungpura, Jasola Vihar, Jamia Nagar, Kailash Colony, Lajpat Nagar, Kalkaji, Khan Market, Nehru Place, Munirka, Mahipalpur, Mehrauli, Malviya Nagar, Malviya Nagar, Netaji Nagar, Okhla, New Friends Colony, Nizamuddin, Okhla Industrial Area, Niti Bagh, Safdarjung Enclave, R K Puram, Panchsheel Park, South Extn., Sudarshan Nagar, Sheikh Sarai, Saket, Sangam Vihar, Sarojini Nagar, Sarita Vihar, Sarvpriya Vihar, Vasant Vihar, Sunder Nagar, Vasant Kunj, etc. Being the most prominent residential parts of Delhi, the real estate market in these locations of South Delhi is vibrant with talks, deals and transactions.

South Delhi has been rated to be the most preferred residential place of most of the people who look for a hassle-free accommodation. Be it businessmen, corporate executives, government servants or public sector employees, South Delhi is their first choice when residential property matter is concerned. This has made property market in this location very much vibrant and active. Hotel Leela Ventures Ltd. alone has invested recently Rs.611 crore in this region primarily because of the popularity of this place. It was through a highly competitive bid the Leela group acquired the property. The group outbid other players such as Emaar-MGF, Indian Hotels, Uppal Builders, ITC, Park Hotel, Positive Builders, etc. to grab a 3-acre estate in the heart of Delhi by paying a hefty sum of Rs.611 crore against a reserve price of Rs.300 crore. Reportedly, this high priced plot is to be changed into deluxe apartments and other residential complexes.

There are reasons for the upward trend in South Delhi residential property market. A high-paying corporate sector, Central and State Governments’ salary hike, presence of world class property developers building trendy residential units, etc. have lent a fillip to the real estate market in the region. Estimably, property values are to go up in the coming years as there is a mismatch in the demand-supply matrix. The national capital of India, a leading industrial centre, the primary educational centre, etc. are factors which trigger migration to Delhi and this in turn has augmented the demand for residential property in South Delhi. However, a number of mega residential unit projects of the major infrastructure development companies are going on at different locations in the city.

Saket And Vasant Kunj Is South Delhis Major Real Estate Destinations

South Delhi has two major real estate destinations that were primarily residential in nature but took on a distinctly commercial flavor recently, thanks to a large land auction in early 2000 by DDA.

Vasant Kunj and Saket were both considered premium residential areas with a large number of residential options. However, with clusters of premium retail malls developing here, both Vasant Kunj and Saket have evolved as major retail destinations. The affluent residential populace in the region has led to a high-profile positioning for the malls and a healthy rate of footfalls. Both areas are also on the Delhi-Gurgaon Metro link and are expected to see an enhancement in the number of footfalls to its retail malls.

Vasant Kunj

Vasant Kunj has always been an indemand locality of South Delhi with values remaining high. It has always benefited from good infrastructure and ambience. Its proximity to the commercial hub of Gurgaon and the airport, as well as being at sniffing distance with one of South Delhi’s most affluent plotted areas -Vasant Vihar – has resulted in a sustained positive real estate outlook.

Vasant Kunj has rapidly grown as a commercial hub. With the DDA auctioning land in the area for mall development, it has also become a retail hub now. Malls like DLF’s Emporio and the Ambi Mall, under construction by Ambience Developers Pvt Ltd; Vasant Square Mall by Suncity and DLF’s Promenade or Palace, offers ample shopping options to customers. There is something for each type of buyer. Demand for office space here has also increased in the past few months. Values are either stable or have seen minor changes.

Being the upscale locality of South Delhi, property values have always been high. There has been an increase in the rate of transactions since August 2009 and values have increased by 15% since November 2009.

It is centrally located with good infrastructure and transport facilities. The commissioning of the Delhi Metro rail’s Gurgaon link will enhance its connectivity from end-January 2010. This is expected to further enhance footfalls in retail malls here. Since many malls are expected to be ready by this time, it may well compete with Gurgaon as a retail hub. Local brokers are also expecting a hike in real estate values in the future.

Saket real estate segment

Saket is the other destination in South Delhi that has rapidly evolved as a commercial hub. With a cluster of retail and office spaces coming up in the community centre area it has emerged as one of the most expensive shopping and entertainment centers of South Delhi.

Saket has a large bank of residential populace of its own, besides being in close proximity to densely populated areas like Malviya Nagar, Sheikh Sarai, etc. Therefore, malls like Select City Walk, MGF Metropolis, The Square One Mall, The Courtyard Mall, all within the same complex, have opened multiple shopping options for visitors. Investors also prefer malls compared to local shopping complexes. Rajeev Goel of Comtel Association, a local realtor, says: “Retail values have increased by 20-25% since 2008. In late 2008 and 2009, due to the economic slowdown, investors were moving out of malls. But, now, the situation has improved and retailers prefer malls to local markets. It has not only drawn visitors from South Delhi, but also NCR, like Gurgaon, Faridabad and Noida.”

An interesting result of the cluster of new retail developments is the drop in footfalls in Anupam PVR complex, both in the multiplex as well as the shopping complex.

Residential market has also improved in terms of transactions and values. Due to its proximity to Gurgaon and Faridabad, and also owing to the soon-to-open Delhi Metro station in the locality, residential real estate values have received a boost. The value of residential apartments and builder floors has risen by 15% and plot values by 15-20%. Apartment rental values have remained stable since November 2009.