Metro triggers hike in property prices
With the Metro mushrooming in almost every part of Delhi, not only the DDA or society flats, property prices have gone up in unauthorised regularised localities too, reports HT Correspondent.business Updated: May 10, 2009 23:46 IST
When Tapesh Sharma bought his two-bedroom DDA flat in Mayur Vihar’s Phase I in 1998, it wasn’t exactly hot property. “It was a nice neighbourhood with no major water or power shortage but after staying in South Delhi all my life, although on rent, moving to Jamna paar seemed like a climbdown,” he said.
Sharma had bought the flat for Rs 17 lakh back then but its price has now shot up to more than Rs 70 lakh, thanks to the Metro. Sharma doesn't want to sell the flat though.
“I work in Connaught Place and I'm tired of driving in this mad traffic. I am going to enjoy a comfortable metro ride now,” he said.
“Delhi Metro has given a big boost to the property prices in the Preet Vihar. Earlier a two-bedroom flat would sell for Rs 15 lakh. Now the same flat costs Rs 25 lakh. Better connectivity to a place always helps in appreciating the property values,” said Vikas Sharma, of Amaze Associates Property Dealer.
If you have a budget below Rs 50 lakh, finding even a one bedroom flat in Mayur Vihar or nearby areas would be a futile exercise.
Deepak Kumar of Kerala Properties in Mayur Vihar Phase-I added, “Prices here start at Rs 50 lakh and go up to Rs 80 lakh or above for a three bedroom flat.” “Though Mayur Vihar was always preferred by buyers because it is a safe area, prices went up by Rs 5 to 6 lakh after Metro started construction here,” he said.
Not only the DDA or society flats, property prices have gone up in unauthorised regularised localities too.