Robust infra pushes rental demand in Vikas Puri
Developed by DDA in late 1980s, Vikas Puri is an upper middle-class locality in the capital city. With the entry of leading brands in the retail sector, it has been witnessing rapid urbanisation. This has also enhanced the commercial development in the area.
Vikas Puri is broadly divided into nine major blocks and further into sub-blocks. In addition to the commercial development, the area also has a plethora of residential units. As per the property type, apartments, builder floors and independent houses dominate the area.
Connectivity: At present, Vikas Puri does not have its own metro Station. However, via Delhi Metro’s Blue Line (Dwarka Sector-21-Vaishali/Noida City Center), Janakpuri (West) Station and Uttam Nagar (East) Station, the area enjoy smooth accessibility to other parts of the city.
Social Infrastructure: The area also boasts of good social and physical infrastructure. Several schools such as KV, KR Mangalam World School, Columbia Foundation School are in the vicinity. In addition, there are good number of entertainment zones such as Westend Mall, PVR Multiplex and Janakpuri District Center.
Rental Market Scenario: Buoyed by adequate social infrastructure and security in and around the area , Vikas Puri receives healthy rental demand.
So, what’s available? Well, as per data with CommonFloor, for rentals maximum availability is for builder floors (54 per cent), followed by apartments (24 per cent) and independent houses (22 per cent). Though these property types are available in varied configuration ranging from 1-4BHK units, buyers’ preference is mostly inclined towards 2BHK units, followed by 1BHK units.
Rental Values: As per CommonFloor’s data, a standard 2BHK apartment is available at a monthly rent of Rs 5,500-20,000. For a 2BHK builder floor, one may have to shell upto Rs 8,000-30,000 per month. Consider the table below for detailed rent structure.
Upcoming Infrastructure: The future prospects of Vikas Puri is strongly rooted in the development of phase III of Delhi Metro Rail project, which is due to start from March 2016. Also, Reliance Group is constructing a mall near Virjanand Marg, that will further enhance the livability quotient and investment potential of the area significantly.
