Narela – A Potential Real Estate Hotspot in Delhi
Delhi is currently the second most expensive cities in India when it comes to real estate. As such, there is a huge de-mand for affordable housing in the city. Various regions and localities have been formed in Delhi to cater to the grow-ing demand for affordable housing. Narela is one such area that has been created. Though, the prospects of the area witnessing good demand is low in the short term, it has the potential to be the next real estate hot spots on the lines of Dwarka in the future.
Narela profile
Narela was developed by the Delhi Development Authority (DDA) as an industrial extension of Delhi, with an intention of developing it as a sub-city of Delhi, similar to Dwarka. The area lies close to Sonepat and the Delhi arterial highway (AH)-2. The arterial road directly connects the area to Delhi and the NCR region. The area has very good water supply and electricity distribution. However, it currently lacks the necessary physical infrastructure and connectivity. There are few buses in the area but they do not provide the necessary connectivity to other areas.
Potential for growth
DDA has now taken up the task of improving the area by putting in the Zone P1 in its Master Plan 2021. This move makes it possible for a huge residential development in the area. The Delhi Metro Rail Corporation (DMRC) will be soon taking up a survey for extending the present metro line from Kutubgarh and Kundli. The area already has some green-ery with parks and open areas. There are also several roads within the locality as well as some small markets where people can go shopping for their daily needs. All these, if developed properly, can improve the prospects of Narela.
Narela real estate
The DDA has already developed several Janta flats as well as LIG (lower income group) and MIG (middle income group) flats in Narela. However, due to the lack of proper physical infrastructure in the area, many of them haven’t been oc-cupied. Since the flats are built in the affordable segment, property prices are very low. A Janta flat typically has a built area of about 200-400 sq. ft., while a LIG flat has a built area of about 300-450 sq. ft. A MIG flat has a typical built area of about 850-900 sq. ft. A Janta flat costs about Rs 7-11 lakh while a LIG flat costs about Rs 20-25 lakh and an MIG flat costs about Rs 40-45 lakh.
There are also a few local developers who have come up with 1BHK apartments here. The approximate price of 1BHK apartment is about Rs 10-35 lakh. The average property value in the areas is about Rs 2,500 per sq. ft.
There is a small demand for certain sectors of the area from people working in the nearby areas. But the area’s poten-tial hasn’t been utilised completely. With the timely completion of infrastructure projects and improved connectivity through metro, this area has the potential to become a realty hot spot similar to Dwarka.
