Prime residential properties in Delhi continues to attract buyers. Areas in Central and South-West Delhi, in particular, are witnessing steady transactions. As per global real estate consultancy, Cushman and Wakefield (C&W), majority of the transactions are being led by investors who seek steady rental annuity with active leasing by expatriates. The leasing market in South Delhi has also witnessed an upward trend in the last quarter, with increasing number of transactions seen in builder apartments.
Prominent developers such as Parsvnath Developers, TDI and Uppal Housing have a number of residential and commercial projects in the city. Uppal Housing has a number of commercial complexes such as Plaza M6 in Jasola and Qutab Tower in Qutab Institutional area equipped with modern amenities.
The Parsvnath Mall in Rohini and their Metro Malls at Kashmere Gate, Pratap Nagar, Azadpur etc are some prime commercial projects from the real estate major. B P Dhaka, COO, Parsvnath Developers feels that there is a rising demand for commercial spaces in the city. “With the Delhi Master Plan already in place, there seems to be an additional demand for commercial property in recent times.
Regarding retail, the capital has got truly integrated as a part of NCR, and conversion of old commercial property into modern retailing, is taking place. The DMRC malls are indicative of the trend that the city as a whole is a high potential retailing commercial area.”
Commercial rental values in the Central Business District (CBD) areas, according to C&W research, stand at Rs 322 per sq ft per month and the posh South Delhi prime commands a rental of Rs 217 per sq ft per month.
As far as residential capital values are concerned, prices of independent houses in Chanakya Puri range from Rs 6,50,000 to Rs 7,00,000 per square yard. Areas in North Delhi such as Pitampura command anything between Rs 1,20,000 and Rs 1,40,000 per square yard while Madhubhan Enclave in East Delhi ranges between Rs 1,15,000-Rs 1,20,000 per square yard.
As far as the retail segment is concerned, Delhi again seems to be riding high. Retail rental values in the heart of the city, Connaught Place, command Rs 700-Rs 800 per square ft per month. Khan Market in South Delhi fetches anything between Rs 1,000 and Rs 1,200 per square ft per month. Says Sanjay Dutt, Deputy Managing Director, Cushman & Wakefield India: “It continues to witness consistent demand from retailers due to the received healthy growth over previous years.
Even with approximately 1.5 million sq.ft. of mall space getting operational across Delhi this year, prime high streets continue to provide better revenue for retailers. South Delhi is maintaining its hold as the most preferred destination for shopping. The rental values across most Delhi micromarkets are likely to remain stable or witness marginal increase in the medium term.
The property market in Delhi is active on all the three verticals of residential, commercial and retail. What one can expect is a market which is now maturing with greater levels of transparency and stability in price along with an upgradation of quality.
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