The apartments coming up as part of the Commonwealth Games Village, next to the Akshardham temple, is all set to change the image of east Delhi. If real estate experts are to be believed, the prices of these flats will bring the value of new properties in east Delhi and satellite towns like Noida, Greater Noida and Ghaziabad at par with similar properties in central, west and south Delhi.
During the 15-day long games in October 2010, the apartments will be used to accommodate 8,500 athletes. Post games, the developer, Dubai-based Emaar MGF, would hand over one third of the total 1,168 flats to DDA and the remaining 779 flats — for which bookings have already started —would be handed over to the buyers.
“The developers are obviously benchmarking it for Delhi. Though there is a general decline in sale of residential properties, there are still end users in the market. The high prices of flats at the Commonwealth Games Village will ensure that more end users buy it instead of investors and speculators,” said Anshuman Magazine, Chairman & Managing Director of real estate consultancy firm CB Richard Ellis.
Magazine added, “A similar brand new developer’s flat in west and central Delhi would cost only a little more than this. The main reasons that the property will find takers will be its exclusivity and location.”
In the last one month, there has been a good response with about 200 people booking apartments at the games village.
Realty experts also feel that the games village has also impacted the existing realty market in east Delhi and its adjoining areas. “It’s not only about the Commonwealth Games Village. The kind of infrastructure like hotels, airport, flyovers, metro, railway connectivity, etc. that is coming up in the entire eastern part of the city to supplement the games has impacted the property price in the area,” said an official of 99acres.com, India’s leading real estate portal.
The developer’s insistence on maintaining exclusivity of the area can be gauged from the fact that the bookings of the apartments are through invitation only.
Pankaj Renjhen, Managing Director (Mumbai) of real estate firm Jones Lang LaSalle Meghraj, said, “The Commonwealth Village’s location is of strategic importance. It is like a limited edition. Besides, it is a prestigious development. There would always be recall value and opportunities in terms of perception of the said project. The infrastructure and facilities too are guaranteed.”
According to Renjhan, an apartment in the complex is a good investment from the long-term perspective, at least for three years. “However, this project should be looked at from the point of living in rather than from an investment point of view,” he said.
While at present the apartments are being sold at Rs 12,700 per square feet (sq ft), the sales agent at the site told us that they expect it to appreciate to Rs 15,500 per sq ft. in the coming days. The booking price of the flats depending on the size varies between Rs 25 lakh and Rs 40 lakh.
This is not all. The developer will also charge extra for preferential locations. While you will have to pay Rs 500 per sq ft. for a river facing and a temple facing flats, the charges for boulevard and sports complex facing flat is Rs 250 per sq ft.