Delhi Real Estate: Demand for Quality Housing to Remain High

By: George Gonigal

Demand for bungalows and apartments in prime areas of central and south Delhi is likely to stay high this year. Corporate executive and expatriates are especially identified as the segment that would drive the demand for premium housing rental in Delhi.

According to property brokers, South Delhi is among the most sought-after residential zones. Localities such as Greater Kailash, Saket, Green Park, Malviya Nagar, New Friends Colony, Lajpat Nagar, Panchsheel Enclave, Hauz Khas and Chitaranjan Park are enjoying tremendous demand for rental properties, Rajkumar Raheja, a property consultant told.

There is almost no property available for sale here but plenty of apartments and bungalows are available for rent. The rent is in the range of Rs.10,000 to Rs. 30,000 per month.

East Delhi also picks up

South Delhi may have snob appeal, but the east is where the real action is. Development of the Commonwealth Games Village and the Akshardham temple complex has further added to the appeal.

But perhaps the most important reason for the east's popularity is its proximity to most of the happening spots and cultural centres of the capital, particularly New Delhi. The monthly rentals for apartments in areas such as Mayur Vihar vary between Rs 5,000 and Rs 45,000, per month.

West Delhi: Not far behind

West Delhi is also surging ahead in terms of real estate development. With the Metro operational in this part, areas like Karol Bagh, Rajouri Garden, Paschim Vihar, Punjabi Bagh, Vikaspuri, Janakpuri, Moti Nagar and Dwarka have seen a rise in demand for residential as well as commercial property.

Dwarka is particularly popular as it is well connected by the metro and road. Its proximity to the airport adds to its value. Monthly rentals for residential units vary between Rs 7,000 and Rs 25,000 per month.

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