Karol Bagh: Residential market overview
Karol Bagh is one of the most famous shopping destinations of the capital city. It has a well developed commercial hub along with residential development. With good connectivity and robust infrastructure, the realty market of the area is recording a steady growth.
The area enjoys smooth connectivity via metro rail and network of roads. It is located at a distance of about 6km from both New and Old Delhi Railway Stations, and is surrounded by areas like Patel Nagar and Rajender Nagar.
Apart from commercial development, the area is dominated with the hospitality sector that serves the major tourist inflow to the capital.
Karol Bagh also boast of high livability quotient. There are a plethora of educational institutions such as Springdales, Ramjas, DAV, DTEA, St. Michaels. With the availability of all the social amenities and good physical infrastructure, the types of residential properties range from huge bungalows to flats to kothis. The range of sale price for the residential properties is between Rs 10,000-14,000 per sq.ft. with an average sale price of Rs 12,000 per sq.ft.
As per the rentals, the values are in the range of Rs 18-25 per sq.ft., with an average rental value of about Rs 22 per sq.ft.
Delhi Development Authority (DDA) has demarcated Karol Bagh along with the Walled City and the extension areas as ‘Special Areas’ and planned for redevelopment of them. It has been demanded by the Traders’ Welfare Association to limit the area by Faiz Road in the East, Guru Nanak Market Road in the West and DB Gupta Road & PUSA Road in the North and South. Though there is a call for redevelopment of these areas, there is no detailed action plan or policy till date prepared by the government.
