Delhi Metro Sets Benchmarks for Commercial Properties

By: George Gonigal

Delhi metro has changed the way the city moves. But that is history! The latest feather in Delhi Metro Rail Corporation (DMRC)'s cap is its real estate portfolio and creation of some world class commercial properties in Delhi.

The IT PARK at Shastri Park is one such example, which has done wonders for properties around. This unique building which is NBC (National Building Code) 2005 compliant is one of best intelligent buildings 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 Heritage Solutions, 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 7-meter below level. To level this area, DMRC had to perform an earth-filling exercise. However the conviction which DMRC had all along was that if an IT park could be provided for within Delhi and that too on the metro corridor, there would be enough takers. Still, the project has

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 property demand from corporates as well and after the absorption of space 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 rental values in this part of Delhi here have escalated from Rs 40 per sq. ft per month to Rs 60 per sq ft per month and additional Rs 6-per sq. ft per month is further added over the rental value for maintenance. The coming up of IT Park has positively impacted the Shastri Park area, and has changed the profile of real estate markets- now malls are coming up in vicinity such as Welcome and Shahdara station. Another positive sign for !

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