Vasant Kunj: Connectivity & infra upgrades to boost realty market
Once a farmland acquired by the Government in 1960s during the prime ministership of Jawaharlal Nehru, Vasant Kunj is now considered one of the most luxurious localities of New Delhi.
Located in South Delhi, it is well connected to the city through Metro Rail with Chhatarpur Metro Station and City bus services through road network. The area is located about 20-25km from the Nizamuddin and New Delhi Railway stations, while Indira Gandhi International Airport is mere 6km away from the region.
The area’s proximity to the airport and high accessibility to railway stations makes it a potential option for garnering healthy rental returns. That is, practically a medium investment in apartments of Rs 65 lakh will fetch a monthly rent of Rs 14,000. And a higher investment into builder floor units worth Rs 1.2 crore will get a rent of Rs 26,000 accounting upto 2.68 per cent average annual rental returns on the investments.
Thus, with good rental yield percentages, the residential real estate is flourishing in the area with average sale prices in the range of Rs 13,000 -18000 per sq.ft.
Vasant Kunj also boast of robust social infrastructure with top class speciality hospitals like Fortis Ranjan Dhall Hospital, Indian Spinal Injuries Center and Institute of Liver and Biliary Sciences. There are adequate private educational institutes such as Delhi Public School, The Heritage School, Ryan International School, which makes the location a prominent education destination.
Though a prominent residential area, it also witnesses a lot of commercial activities in the nearby areas such as Nelson Mandela and Masoodpur Village. Some of Delhi’s best malls are also located in this region. These include DLF Promenade & Emporio and Ambience Mall. With area gaining prominence among the shopaholics, the commercial real estate is witnessing a sturdy growth. At present, the rental values for commercial properties are in the range of Rs 100-135 per sq.ft.
Also, the future proposals of a new road for direct access to Indira Gandhi International Airport is expected to further boost the property sales and rental values in this area. Further, there are proposals to widen the Mehrauli-Mahipalpur Road to decongest traffic snarls from South Delhi. All these factors will surely take the realty market of Vasant Kunj one notch up in the times to come!
