New
Delhi or Delhi is the capital city of India and one of the most important
commercial centers in South Asia. It has been mentioned in the coveted list
of world's fastest growing office rental markets in the year 2007. The
Capital City of India has grabbed the 7th position in top 10, with Mumbai,
the commercial capital of India, rising to 5th place with the real estate
growth being pushed by boom in data centre and IT operations.
Real Estate Prices in Delhi
Residential Areas: South Delhi commands the highest prices in terms
of property purchase and rented accommodations. Areas like Golf Link, Zor
Bagh, Anand Lok, Chanakya Puri, Shanti niketan, Sainik Farms, Defence
colony, Niti bagh, Aurangzeb Road command the highest figures in the capital
city. The rentals are also very high. These areas have huge mansions with
big areas.
West Delhi: Areas like Patel Nagar, Rajouri Garden, Paschim Vihar,
also command high prices. North Delhi areas like Model town, Pitampura,
Rohini etc. also have high real estate value. East Delhi commands the lowest
prices both in property buying and renting.
Commercial Areas: The most popular commercial area in New Delhi is
Connaught Place. It has one of the highest property prices and rentals
comparable with the highest in the world. Other areas like South Extension,
Greater Kailash, Hauz Khas command very high real estate prices. These areas
have the most modern designer malls, exclusive showrooms of foreign brands,
host to almost all eating and shopping joints.
Industrial Areas: Naraina, Okhla, Kirti Nagar, Anand Parbat are some
of the most popular industrial areas in Delhi. These areas are host to a
number of large , medium and small scale companies across industries. The
government has set up small scale factory complexes in this region for the
benefit.
Reasons of Rising Real Estate Prices
- Good connectivity: The capital city has good connectivity
with almost every city in India and also to all international airports.
This makes it a very lucrative investment for real estate developers,
companies and individual buyers.
- Presence of MNCs: The presence of well educated and English
speaking workforce has attracted large number of multinational
corporations and a number of outsourcing companies. A number of
companies have established their corporate office and headquarters in
the city, increasing the demand for commercial and industrial property.
- Industrial Growth: Excellent infrastructural facilities,
skilled workforce and geographical considerations have made a large
number of industries being established in the city. A large number of
information technology, telecommunications, hotels, banking, media and
tourism companies have set up their offices in the city, pushing the
demand for real estate.
- Growing retail Industry: The booming retail industry has
further aggravated the demand for real estate in the city, thereby
leading to a very high price of properties.
National Capital Region (NCR)
National Capital Region or NCR, is a common term used for a region or a
district surrounding the capital city of a country. National capital region
of Delhi includes a list of satellite towns surrounding the city. Following
is the list of satellite towns falling in the NCR region and their
respective states.
The NCR region is fast developing and has become one of the most expensive
real estate areas. These satellite towns have good
infrastructure,connectivity and rising working population which has lead to
an increase in the demand for residential, commercial and industrial real
estate.
A large number of industries like BPOs, Telecommunications, FMCG, consumer
durables, IT and ITES companies and other companies in the service industry
have opened their corporate offices in this region. This has further pushed
the prices for commercial real estate and office space.
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