Prices of independent homes in Greater Kailash go up by 19%

Greater Kailash is situated in the southern region of Delhi and is cited to be one of the most posh residential localities. Popularly known as GK, the vicinity is divided into two major parts – Greater Kailash I and Greater Kailash II. GK I was developed by a private builders during 1960 after the Delhi authorities allowed developers to create colonies. The micro market is surrounded by Lajpat Nagar in the north, Dakshinpuri in the south, Panchsheel Park in the west and Okhla phase III towards the east. Some of the important sub localities include Kailash Kunj and Kailash Colony.

A leading media house rated the vicinity as one of the safest place in the Capital- thereby making the locality a most sought after destination. Many affluent and famous personalities have their homes here thus making a property in Greater Kailash worth its value.

Connectivity

The Outer Ring Road and Hans Raj Gupta Marg are the two important roads here

GK II Main Road, Josip Broz Tito Marg Road, LB Shastri Marg Road and Lala Lajpat Rai Road are the other roads that improve connectivity with neighbouring localities

While the Hazrat Nizamuddin Railway station is 9 km away, the nearby Okhla railway station is just 4 km from the Kailash Colony metro station

The Kailash Colony metro station is located well within this micro market and the Delhi Indira Gandhi International Airport is 16 km away from the metro station

Infrastructure

The development of Greater Kailash I led to the expansion of Greater Kailash II

The presence of two prominent markets- M and N Block of Greater Kailash are dotted by many shops and eatery joints

Greater Kailash’s proximity to the office and electronics hub – Nehru Place too has fuelled a demand here

The Durga Bari Mandir is a popular landmark in Greater Kailash I that attracts many residents and visitors

Reputed educational institutions and health-care facilities make this region one of the safest destinations for families and retired personnel

While the whole GK region was planned and developed a few decades ago- increasing number of cars and lack of parking space is a big concern here

The authorities have taken an initiative to build various underground parking lots to curb the issue

The September 2008 bomb blasts have prompted better security system in the market area of GK

Various tourist attractions like the Lotus Temple, Humayun’s Tomb and amusement parks have pushed property rates in Greater Kailash to an all-time high

Although the lack of electricity is a major concern here, the scarcity of water supply is worrying the residents even more

Real Estate Scenario

There is a healthy supply of multistorey buildings, builder floor apartments and independent homes especially targeting the HNIs

2 BHK apartments that were sold at an average of INR 9,500 psft a few years ago today are being sold at double the rate at INR 17,500 psft

The current ongoing rates for builder floor apartments here are estimated to cost an average of INR 19,500 psft

Similarly, capital values of independent homes too have witnessed an escalation of 19% in the past one year and today cost an average of INR 42,300 psft

Rental values in these micro markets too have documented a healthy return and have witnessed an appreciation of 25% in the past 2-3 years

Today a house in GK can generate rental income of INR 45 psft per month – making the realty market favourable towards investors

Image: ”GK-1, New Delhi” by Nikhilb239 – Own work. Licensed under CC BY-SA 4.0 via Wikimedia Commons – http://commons.wikimedia.org/wiki/File:GK-1,_New_Delhi.jpg#/media/File:GK-1,_New_Delhi.jpg

By: indiaproperty.com