After Metro, Dmrc Gifts Worldclass Properties to Delhi

By: George Gonigal

Creation some world class commercial destinations, Delhi Metro Rail Corporation (DMRC) has entered into real estate.

DMRC's IT PARK real estate venture at Shastri Park has transformed the profile of this place completely. IT Park at Shastri Park is a unique building which is NBC 2005 compliant is one of best commercial properties in the Asia Pacific region with a refined building management system in place.

Built over a land area of 6 hectares of which 1 hectare is the constructed area, IT Park' Block 1 is being taken up by Genpact (80%) with a few other tenants such as Central Bank and Nokia.

According to a DMRC spokesperson, they had to fight several barriers including the location of IT Park at what was then a down market, 'close to Seelampur' area. It was a tough job 'literally' too, as the land at Shastri Park was uneven and 7m below level. To level this area, DMRC had to do an earth fill. However, the conviction which DMRC had all along was that if an IT park could be provided for within Delhi that too on the metro corridor, there would be enough takers.

And the result was beyond all expectations- today there are over 3,000 employees commuting everyday to the IT Park in Shastri Park, from various parts of Delhi NCR. There is a surge in demand for property from corporate sector as well and after the absorption of real estate in one block by Genpact, the second one will be ready by December 2007 and will be taken up by Accenture. Plans for Block 3 are in the pipeline and tendering is taking place.

The lease values for commercial properties have escalated from Rs 40/sq ft/month to Rs 60/sq ft/month and an additional 6 Rs/ft/month for maintenance. The construction of IT Park has positively impacted the Shastri Park area, and has changed the real estate profile of the area. Now, malls such as Welcome and Shahdara station are coming up in vicinity.

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