Redevelopment pushes Krishna Nagar realty

With property prices in most parts of Delhi becoming out of reach of property buyers, the lesser known localities seem to enter the realty market. These localities are attracting buyers with re-developed housing units and metro connectivity. One such area is Krishna Nagar.

Check out properties in Delhi’s Krishna Nagar!

Earlier known as an old and congested residential area, today, Krishna Nagar has evolved as a well-maintained residential and commercial region of East Delhi. Those living here for years are witness to the transformation. There are several factors that have led to the transformation of this lesser-known locality of the national capital.

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Realty re-development

The main market of the area, Lal Quarter, underwent a complete makeover a few years back which resulted in the up-gradation of the living standards and eventually the property prices.

“The government demolished illegal constructions by shopkeepers on the main market road, making way for a wider road. The government has taken several initiatives in terms of security and cleanliness also. Post re-development of main Krishna Nagar market, both commercial and and residential prices in the area have almost doubled,” says Mukesh Jain, a local property consultant working with Mukesh Jainco Properties Pvt Ltd. Today, Krishna Nagar market houses up-scale showrooms of clothing brands and multi-cuisine restaurants.

The local real estate market is seeing a lot of activity due to the re-development of old residential properties. A resident of Krishna Nagar, Harnek Singh Puri says “Two months back we re-constructed our single storey house of 170 sq yards. Now, we have a 4-floor house with each floor having a 2BHK along with parking facilities. The value of the property is way more than what it was before re-development. Moreover, after renting out the third and fourth floors, we get a monthly rent of Rs 20,000 from each,”

Considering the growing trend of re-development in Krishna Nagar, several other residents like Harnek Singh are also entering the market. Not only are they getting a newly-constructed property but they also get a good rental income. According to data with Magicbricks, the capital values of 2-3BHK units in Krishna Nagar ranges from Rs 50 lakh to Rs 1.25 crore and above, while the rental values range within Rs 20,000-30,000 monthly.

Krishna Nagar strategically shares its border with Preet Vihar, Geeta Colony and Vishwas Nagar, some well known localities of East Delhi. “Those who cannot afford to buy a house in these premium areas, have an option – Krishna Nagar, offering properties at a much affordable price,” says PS Kohli, proprietor, Kohli Associates.

Talking about the profile of tenants in Krishna Nagar, Jain says, “The tenants in the area include both professionals and families. It is also a convenient area for young professionals as 2 or 3 individuals live together and share the rent.”

Connectivity

With a few minutes’ drive, one can reach the Metro Stations of Nirman Vihar, Preet Vihar, Welcome, Shastri Park and Seelampur. An hour’s drive can take one to the Indira Gandhi International Airport via National Highway 8. Anand Vihar Railway Station and Bus Depot are also located nearby. The area also has a decent social infrastructure comprising of established schools, hospitals and shopping malls.

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/redevelopment-pushes-krishna-nagar-realty/75738.html