Owing to the proximity to international airport, embassies, and Central Business District of Connaught Place, residential properties at locations of South Delhi encompassing Vasant Vihar, Anand Niketan, Shanti Niketan and Westend are steaming like a jet engine.
Demand for properties on lease is pretty upbeat in these areas. Rentals for residential properties have been spiraling at least for the past 3-years, and a steady rise in property values is witnessed in these areas.
In fact, the vacancy rates are also declining fast in these areas, and aspiring tenants are scouting for alternative locations, which offer similar facilities and connectivity. Definitely, Defence Colony has made the most suitable proposition in this connection.
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Of late, the area witnessed higher-end deal under which US Embassy leased about 5,400 sq. ft of space. Another striking deal was marked in the shape of Thales International hiring 4,500 sq. ft of space at Defence Colony.
Furthermore, US Embassy took step ahead and hired about 2,700 sq. ft of space at Vasant Vihar as well. Another major property transaction was recorded as telecom major Alcatel hired 3,000 sq. ft of residential property in Vasant Vihar.
These high-profile transactions have triggered the Delhi Properties at this end and the rentals are further likely to go up in the near term, said Rajneesh Dayal, a property consultant.
Looking at the other side, residential rentals at Shanti Niketan have sky-rocketed to the levels of Rs 180-Rs 225 per sq. ft per month while the same is recorded between the range of Rs 120-Rs 175 per sq. ft per month.
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Residential Rentals Strengthen in South Delhi