News & Views on Indian Real Estate

Wednesday, July 16, 2008

2010 Commonwealth Games Expected To Increase Property Prices in East Delhi

The Apartments coming up as part of the Commonwealth Games Village, next to the Akshardham temple, is all set to change the image of east Delhi. If real estate experts are to be believed, the prices of these flats will bring the value of new properties in east Delhi and satellite towns like Noida, Greater Noida and Ghaziabad at par with similar properties in central, west and south Delhi. During the games in October 2010, the apartments will be used to accommodate 8, 500 athletes. After the games, the developer, Emaar MGF, would hand over one-third of the total 1, 268 flats to DDA and the remaining 779 flats (for which bookings have already started) would be handed over to the buyers. In the last one month, there has been a good response with about 200 people booking apartments at the games village. Experts say that the games village has also impacted the existing realty market in east Delhi and its adjoining areas. The developer's insistence on maintaining exclusivity of the area can be gauged from the fact that the bookings of the apartments are through invitation only. At present, the apartments are being sold at Rs 12, 700 per sq ft but in future, they are expected to increase to Rs 15, 500 per sq ft. Prices of these flats vary according to the locations, while you will pay Rs 500 per sq ft extra for a river-facing and a temple facing flat, the extra charges for boulevard and sports complex facing flat is Rs 250 per sq ft. It's not only about the Commonwealth Games Village. The kinds of infrastructure like hotels, airport, flyovers, metro, railway connectivity, etc. that is coming up in the entire eastern part of the city to supplement the games has impacted the property price in the area.