What makes Vasant Vihar’s Realty Market hot?
Developed as an amalgam of villages from Munirka and Basant Gaon, Vasant Vihar has transformed into one of the prominent localities for the well-heeled buyers in Delhi. The area is well connected by three major roads, namely Munirka Marg, Poorvi Marg and Paschimi Marg that encloses the area from three sides. Further, the presence of Inner Ring Road has made Vasant Vihar easily accessible from the IGI Airport (6km) and Central Railway Station (14km).
The area’s connectivity to Gurgaon has also made it a preferred rental destination among professionals working in MNCs.
Residential Market Scenario: Though the sale price trends for residential properties in the area are observed to be very expensive, there has been a recent downtrend in the prices plunging from Rs 12,500 per sq.ft. in 2013 to Rs 7,000 per sq.ft. In 2014.
Interestingly, due to rising demand there has been a gradual growth in rental values. Consider the table below for the detailed rental structure.
Residential composition: In addition to the professionals working in Gurgaon, Vasant Vihar’s proximity to major educational institutes such as JNU, NIFT, IIT has made it a convenient locality for students and research scholars.
In addition to the accessibility to major commercial markets such as Basant Lok market, shopping malls and other social amenities, the area is also rich with greenery and pollution-free environment making it suitable for foreign national residents and embassy employees. Thus, there is an increased concern for security and safety, which encouraged the gated community projects.
Both house owners and the tenant population in this area belong to elite group. This is also verified by the fact that Vasant Vihar’s mainly boast of larger units in the varied configuration ranging from 3 to 5BHK units.
