Hot Residential Property-vasant Vihar, Delhi

By: George Gonigal

Vasant Vihar, the choice of residence for diplomats and expatriates has come a long way from being a deserted locality which was difficult to access when it started in 1960s.

Talk about posh South Delhi residential properties and Vasant Vihar will always occupy the numero uno position. Started in 1960s, Vasant Vihar is a preferred residence for diplomats and has come a long way from the time when this locality's surrounding area was deserted and Vasant Vihar was considered to be on the outskirts of the city and was hard to get to using public transport.

Today it is one of the most expensive residential properties in the city. And there was landmark deal early this year when a bungalow was leased out to African consulate at Rs.114 per sq. ft. Though current rates are Rs.45-70 per sq. ft in the neighborhood, this bungalow fetched more than twice the rate. The rent for the month works out to Rs.16.5 lakh, and Rs. 1.98 crore for the year. The deal also includes an advance of 2 years' rent at the time the deal was signed.

Located south of RK Puram, this locality is relatively close to the international airport. Premier higher educational institutes like JNU, IIT and IIFT are situated in the neighbourhood of Vasant Vihar. The two main streets in Vasant Vihar are Poorvi Marg and Paschimi Marg, literally Eastern and Western Street that along with the Outer Ring Road form a rough triangle that encloses much of the neighbourhood.

Residential real estate area in Vasant Vihar comprises of six blocks named A to F, with each block having its own local market. It also contains the residential colonies for employees of Air India, Indian Airlines, Central Bureau of Investigation, Parliament of India, CPWD, Central Government and the Reserve Bank of India. There are bungalows, apartments and independent floors built on plot sizes 124 sq yd, 250 sq yd, 370 sq yd, 624 sq yd and 1150 sq yd.

According to Delhi-based property broker Sanjeev Sharma, the capital value of independent floors ranges from 50,000 Rs/ sq yd to 5 lakh/sq yd, depending upon the location and the structure of the property bungalows of size 624 sq yard cost Rs 40 cr. -60 cr.

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