Realty prices soar as CWG makes sites attractive

The shoddy development of facilities for the upcoming Commonwealth Games may have come under fire but property prices near the Games Village have seen a spike of up to 15 per cent.

New Delhi: The shoddy development of
facilities for the upcoming Commonwealth Games may have come
under fire but property prices near the Games Village have
seen a spike of up to 15 per cent, courtesy the infrastructure
put in place for the sporting event.

According to realty consultant Jones Lang LaSalle (JLL),
the National Capital has seen unprecedented infrastructure
development for the CWG and especially the Eastern part of the
city, where the Games Village has been constructed, got the
maximum benefit.

"Residential property prices in and around it (Games
Village) have been climbing steadily for over a year, and have
currently reached appreciation levels of between 10-15 per
cent," JLL India Chairman and Country Head Anuj Puri wrote in
the firm`s blog.

He said the rates at Indraprastha Extension is currently
ranging between Rs 5,500 per sq ft and Rs 7,000 per sq ft.

"Phase I and II at Mayur Vihar and Vasundhara Enclave
have also benefited considerably from the infrastructure
improvements that have taken place," he added.

Puri termed the Games Village, constructed by Emaar MGF,
as a signature development and is in a very advantageous
location due to its accessibility to the Connaught Place and
Noida.

"By virtue of these factors, it has achieved premium
positioning on the Delhi real estate market, and since it is a
stand-alone development located right next to the landmark
Akshardham temple, it enjoys locational privileges," he added.

Further, Puri said that the infrastructure in and around
the 1,168-unit Games Village project is very advanced,
compared to the other parts of the city.

"The vastly improved connectivity and quality of
residential projects have transformed East Delhi, bringing
about extremely robust demand that is predominantly end-user
driven," he added.

PTI

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