‘Narela could be a Dwarka in the making’

Affordability has many takers if only areas with such properties could be identified. Despite Delhi Development Authority (DDA) coming up with a large number of houses in Narela, buyers seem to be a little reluctant. However, a few realise that in the long run, Narela could be a prize catch!

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“Narela was promoted as an industrial extension of Delhi with potential to be developed as a sub-city on the lines of Dwarka. However, lack of industrial development and its far-off location did not allow for any perceptible real estate development here. The DDA as part of the Master Plan 2021 has Narela in Zone P1, opening up vast areas for residential development,” says Santosh Kumar, CEO, Operations and International Director, Jones Lang LaSalle.

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What is in Narela for buyers?

Most buyers hesitate to invest in Narela despite abundant water supply and electricity. This is basically because of lack of physical infrastructure and connectivity. While there are a few buses that ply in the area, these do not connect the interior pockets and hence buyers are not comfortable.”

“Delhi Metro Rail Corporation (DMRC) has been asked to undertake a survey for extending the metro line to Narela-Kutubgarh and Kondli. This is certainly going to boost local realty because, as of now, the only lack is that of connectivity. Back in 2002, Dwarka’s real estate was similar in the absence of the metro and look at the property prices in Dwarka today! Buyers hope that Narela is also a Dwarka in the making,” informs a broker, Rakesh Kumar of Right Propeties.

Ground reality in Narela suggests that this could be true. Greenery, open areas and parks, interior roads that are almost 40 ft wide and presence of small markets – all have a healthy chance to revive the otherwise unoccupied flats that are abandoned for want of connectivity. For malls, buyers usually go to the Kundli-Sonepat area where the commercial is gathering speed.

Rajendra Jain of Jain Properties says, “The best part about properties here is that they are inexpensive when compared to most parts of Delhi. With infrastructural development, the enquiries are going up but the conversions are low because of the circle rates. As of now, the area is becoming popular among industrialists who want to go in for affordable industrial plots.”

“Those employed in Rohini, Pitampura, Model Town and other nearby areas usually prefer Narela. Although the rental market is not very popular, of late, a few tenants from the National Institute of Technology (NIT), that has shifted its campus to the Narela Industrial Area, have opted for the area. But not all flats are completely occupied,” informs Rakesh.

Relatively active sectors within Narela include A6, A9, A10, B2 and B4. Sector B2, being the newest, came up in the year 2006 and is almost 40 per cent occupied. Most 1BHK units of sizes below 500 sq ft are within Rs 15 lakh. Units of 2BHK are available within Rs 40 lakh while spacious 3BHK units can command anywhere up to Rs 55 lakh.

“With the metro set to make its presence in Narela, prices might go up by 25-30 per cent initially. Even if the routes are decided, the impact will reflect in the property prices here,” says Rakesh.

“The current land prices and apartments being launched by smaller private players at Rs 2,400-2,800 per sq ft, residential development by DDA should be priced competitively which is likely to see good traction. However, timely delivery and economic drivers for this region will remain essential factors if we the area is to develop on an all-round basis. The Urban Extension Road will enhance connectivity and could potentially provide an impetus to further growth in the area,” says Santosh.

Currently, the G2 and G8 sectors, 10 km from main Narela, where the new DDA flats are located, have no social and physical infrastructure. Capacity building in terms of infrastructure is crucial to any potential growth and in times to come perhaps the realty will also look up.

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/narela-could-be-a-dwarka-in-the-making/77083.html