A few residential belts in Delhi have historically been home to the VVIP addressed in the capital city. 99acres.com shares details of 10 such localities where housing demand is decent despite sky-rocketing prices.
Unquestionably, all of Lutyen’s Delhi including Chanakya Puri, Khan Market, Golf Links and Aurangzeb Road have had been the most expensive properties. However, due to exorbitant houses and limited new construction, real estate transactions here are bare minimum, too. 99acres has compiled a list of areas in Delhi, which are expensive and yet have witnessed positive sale trends in the last few quarters.
As per the quarterly report (April-June 2017) conducted by 99acres.com, the capital values of South Delhi localities continue to boast of the highest ásks’. Jor Bagh, Safdarjung Development Authority (SDA), Shanti Niketan and Gulmohar Park have been among the top most expensive colonies in the quarter ending June 2017.
Talking about such Sanjay Sharma, Delhi-based realty broker, has rated Defence Colony as the most preferred expensive locality in Delhi among buyers due to sound connectivity and improving infrastructure.
Located nearby a Mughal mausoleum, Safdarjung's Tomb, Jor Bagh has all the ingredients to be the one of the most dearly-priced yet popular locality in the National Capital of India. Shopping complexes, proximity to metro station (Jor Bagh) and better transport connectivity have ensured good livability quotient. Resale prices of homes hover around Rs 50,000 per sq ft here.
Despite a fall of 9 percent in the average market value of residential areas in Shanti Niketan in the second quarter of 2017 compared to Q1 (January-March 2017), the region has still managed to be the second favourite locality among people belonging to the affluent class. Average capital values here are around Rs 39,000 per sq ft.
With average capital value of Rs 30,000 per sq ft, Gulmohar Park is another upmarket locality in South Delhi. Spread over 43 acres, Gulmohar Park has some of the best recreational hubs. Ample greenery and excellent connectivity add to its attraction. As per the listings on 99acres.com, spacious 3-4BHK independent property in the area can cost around Rs 5 crore. Low density is also a growth driver for the area.
Hauz Khas, one of the most happening area in Delhi, is next on the list with capital rates prevailing around Rs 23,500 per sq ft. The place has picked up its spot in the top 10 expensive localities in Delhi due to the presence of palatial bungalows, green neigbourhood and proximity to ever-buzzing party destination - Hauz Khas Village. The area is well-connected to the rest of the city, too.
Safdarjung Development Authority
Sitting at No.5, Safdarjung Development Authority (SDA) - South of Hauz Khas village - recorded capital rates averaging approximately to Rs 26,800 per sq ft in the second quarter of 2017. Considered as one of the most preferred residential colony among the well-heeled class, the area is second home to a lot of HNIs and NRIs.
Right opposite Panchsheel Enclave, Sarvpriya Vihar is abode to some of the most expensive properties in Delhi. The base price of a 4BHK apartment in the area is over Rs 7 crore. This region has gained a marginal upward rise in average market value in Q2 2017 with Rs 22,000 per sq ft due to a redevelopment of existing properties here.
Another expensive locality in Delhi, Panchsheel Enclave flaunts spacious residential units - 3BHK, 4BHK and 5BHK. The area is well-connected via road and is close to the Huaz Khas Metro Station, as well. Average property asks’ hover around Rs 22,000 per sq ft.
Established in early 1960's, Green Park is one of the affluent and posh neighborhoods in South Delhi. Divided into two parts - Green Park and Green Park Extension, the housing belt hosts markets with several popular eating joints and shopping complexes. Proximity to green land - Deer Park, District Park and Rose Garden have ensured a healthy livability quotient here. The area recorded a 3 percent jump in the average resale ‘asks’ in the second quarter of 2017 compared to previous quarter.
Jangpura Extention attracts the Delhi's elite and is among the costliest residential areas of Delhi. Here, average property values hover around Rs 19500 per sq ft in the last quarter. Properties here have historically commanded a higher ‘ask’.
Greater Kailash II
Considered as one of the top three localities in Delhi for a very long time in the past, Greater Kailash II has slipped to No.10 position in the last quarter. Average capital values recorded here in the last quarter of 2017 were around Rs 18,700 per sq ft, which was four percent lower compared to the previous quarter (January-March 2017). Increasing density could be contributing factor for it dipping popularity. Nevertheless, it is still a dream abode for many.