Posh residential areas in Delhi: Know the most expensive localities of Delhi

[ecis2016.org] In this article, we look at the top 10 posh localities in Delhi, along with the property prices and rentals in these areas

Besides being the capital city of India, Delhi is also a centre of politics, education, jobs and fashion. With many posh areas in Delhi, the city is home to 30 billionaires, second only to Mumbai, which has 50, as per the Hurun Global Rich List 2020. It is then not surprising that New Delhi has some of the most desired and expensive pin codes. While properties for sale in Delhi’s expensive residential areas are few, due to saturation of land parcels, there may be some properties available on rent or after redevelopment.

You are reading: Posh residential areas in Delhi: Know the most expensive localities of Delhi

In this article, we will talk about the top 10 posh residential areas in Delhi.

Jor Bagh

A posh area in south Delhi, Jor Bagh is close to the Safdarjung’s Tomb and is served by the Jor Bagh Metro Station. Its proximity to lifestyle avenues, such as malls, connectivity to other strategic locations and historic monuments and the overall liveability index, make it a good fit to feature in Delhi’s top 10 expensive areas to live.

Properties for sale in Jor Bagh: Real estate prices in Jor Bagh start at Rs 13 crores and may even go up to Rs 78 crores, as per current listings on ecis2016.org. There is limited supply of properties in the resale market but redevelopment projects are opening up new steel-and-glass builder floors.

Properties for rent in Jor Bagh: Depending upon the size and exact location, rentals may start from Rs 35,000 per month for smaller configurations and go up to even Rs 10 lakhs a month for larger homes such as a 5BHK independent houses.

Bollywood star Sonam Kapoor’s husband Anand Ahuja grew up in Jor Bagh, while former telecom and human resource development minister Kapil Sibal is also said to have had a property on rent in Jor Bagh.

Check out price trends in Jor Bagh

Shanti Niketan

Initially an exclusive housing colony for government officials, Shanti Niketan is a coveted address today. Considered one of the posh areas of Delhi, its strategic placement, close to other high-end localities like Chanakyapuri or even Vasant Vihar, has added to its charm. The liveability index is undeniably high, with top industrialists opting for it.

Properties for sale in Shanti Niketan: Compared to other expensive areas, there is a slightly greater supply of resale units in Shanti Niketan. According to ecis2016.org listings, prices of properties here start at Rs 5 crores and can go up to Rs 80 crores.

Properties for rent in Shanti Niketan: Rental values of plush properties in Shanti Niketan can go up to Rs 6 lakhs, as per current listings on ecis2016.org.

Industrialist Sandeep Jajodia owns a property in Shanti Niketan.

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Gulmohar Park

Maintained by the Delhi Development Authority (DDA), Gulmohar Park is one of the affluent localities in the city. In the past, a group of journalists also helped to establish this locality and its neighbourhoods and since the 1970s, it has remained a posh locality. Some of the top names in Bollywood, senior lawyers, journalists and top businessmen, reside or own properties here.

Properties for sale in Gulmohar Park: Property prices in Gulmohar Park can start from Rs 1 crore for a standard-sized unit and go up to as much as Rs 30 crores.

Properties for rent in Gulmohar Park: Even 1RK configurations can cost anywhere up to Rs 30,000 per month, while an independent house may cost Rs 4.5 lakhs per month.

Big-B Amitabh Bachchan’s residence in Delhi is in Gulmohar Park.

Check out price trends in Gulmohar Park

Hauz Khas

Hauz Khas is a popular location in Delhi even for non-residents, thanks to the multiple shopping and hangout avenues available in the vicinity. The area is home to some of the finest bungalows in Delhi.

Properties for sale in Hauz Khas: A cursory glance of ecis2016.org suggests that units for sale in Hauz Khas can range between Rs 2 crores to as much as Rs 78 crores, as per listings on the site currently.

Properties for rent in Hauz Khas: There are over 200 units on rent now, with 1RK units starting at Rs 15,000 per month, while the plush units and independent homes may command anywhere up to Rs 10 lakhs, depending on its size and amenities.

Check out price trends in Hauz Khas

Safdarjung

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You will find some of the richest people living in this area in Delhi. Home to many high-net worth individuals and NRIs, Safdarjung is south of Hauz Khas and a prominent location in Delhi. One of the posh areas in Delhi, the area enjoys smooth connectivity to other parts of the city and also boasts of quick access to some of the reputed healthcare and educational institutions, besides shopping malls, parks and leisure zones.

Properties for sale in Safdarjung: Two-bedroom units will cost anywhere from a crore and upwards, while property prices in general can go up to Rs 50 crores, as per current listings. Residential plots are also available.

Properties for rent in Safdarjung: 1RK or 1BHK units usually cost less than Rs 25,000 per month, while villas and independent homes can cost Rs 4 lakhs a month, as per listings.

Checkout price trends in Safdarjung

Panchsheel Enclave

Another hotspot for the rich and the famous, Panchsheel Enclave is south Delhi’s coveted destination. Most popular and posh area in Delhi, the locality is served by the Panchsheel Park metro station and the area is self-sufficient, with numerous facilities at hand and smooth access to all that you need.

Properties for sale in Panchsheel Enclave: Current listings show that property prices are in the range of Rs 1 crore to Rs 30 crores.

Properties for rent in Panchsheel Enclave: Properties on rent range between Rs 15,000 per month and Rs 4.5 lakhs, as per listings.

Check out price trends in Panchsheel Enclave

Green Park

Green Park, a posh area in Delhi, is divided into Main and Extension and easily features in the list of affluent localities in the city. Considered the best residential area in Delhi, the locality has several parks and ample greenery, which makes it a desired location. Properties are usually in plots of 200-1,500 sq yards.

Properties for sale in Green Park: Looking for homes in this area? A quick look on ecis2016.org suggests that prices can range between Rs 1.20 crores to Rs 60 crores, depending upon the configuration and type of property.

Properties for rent in Green Park: While smaller configurations such as a 1RK units may cost less than Rs 20,000 per month, some palatial bungalows will cost Rs 12.5 lakhs per month.

Check out price trends in Green Park

Greater Kailash

It is counted among Delhi’s most expensive areas. Also known as GK, the locality is divided into two parts – Part 1 and 2. Greater Kailash is home, to not just celebrities and politicians but also houses some of the leading retail brands. In terms of liveability, the locality gets a 9/10 with many healthcare facilities, schools, etc., in the vicinity.

Properties for sale in Greater Kailash: Even 1RK units command as much as Rs 30 lakhs in GK 1 and 2. Properties on sale go up to Rs 50 crores.

Properties for rent in Greater Kailash: With apartment units, villas and independent homes, Greater Kailash has all of it, with rental values ranging from Rs 20,000 to Rs 12.5 lakhs per month.

Check out price trends in Greater Kailash

Golf Links

Within a walking distance of Khan Market, Golf Links is popular locality in Delhi. Some of the rich families reside in this area.. Recently, Paytm founder Vijay Shekhar Sharma bought a residential property worth Rs 82 crores in this part of Lutyens Delhi.

Properties for sale in Golf Links: Big-ticket properties are not uncommon here. As per property listings portal ecis2016.org, properties currently on sale are in the range of Rs 12 crores to Rs 85 crores.

Properties for rent in Golf Links: If you are looking at a spacious and luxurious property in Golf Links for rent, be ready to spend at least a few lakhs.

Check out price trends in Golf Links

Jangpura Extension

Connected by the Jangpura Extn Metro station, this south Delhi neighbourhood is an established one and boasts of access to all lifestyle, healthcare and leisure avenues and is frequented by tourists, locals and expats.

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Properties for sale in Jangpura Extension: Both residential plots and independent homes are equally popular in this posh colony, with prices going up to Rs 11.50 crores, as per current listings.

Properties for rent in Jangpura Extension: Rental values go up to Rs 2.5 lakhs while 1RK units costing less than Rs 20,000 per month are also popular.

Check out prices in Jangpura Extension

Real estate prices in the expensive localities of Delhi

Note: Prices mentioned here are on the basis of current listings available on ecis2016.org

Check out the cost of living in Delhi.

Average per sq ft value in Delhi’s posh localities

Explore rates and trends in Delhi

What makes South Delhi so popular among the rich and affluent?

Most of the localities mentioned above are in south Delhi. While most of Delhi is saturated and property prices for the existing stock are skyrocketing in the established areas, south Delhi remains a niche market. From second-generation businessmen to first-generation entrepreneurs and high salaried professionals, their desire to achieve a better standard of living leads them to prominent addresses by brands that promise quality, says Nishit Jalan, CEO, Grovy India Limited.

New constructions are also coming up. “
There are many projects under construction. Of these, some are being developed by the land owners themselves for self-use and some by regular developers. The luxury housing in its true sense is a very niche market and only a handful of developers work in this segment. Due to this, the availability of luxury projects is always limited as they cater to a very specific clientele,” Jalan adds.

The concept of boutique spaces has also gained focus. Although it has been around for a very long time, this concept was mainly used by the hospitality sector due to the specialised designing that it requires. Now, with the easy availability of design ideas and innovative materials, creating such boutique homes, with sophisticated ambience and custom-made luxurious spaces is an achievable reality. South Delhi is a very diverse region, as far as prices are concerned as the land size also varies from 100 sq yards to 1,200 sq yards. A well-constructed 200-sq yard floor should be available for upwards of Rs 3 crores, depending on the location, observes Jalan.

Meanwhile, traditional homes across south Delhi have also come into the market, either as part of redevelopment or renovation. The locality’s charm, central location, established neighbourhood and with the who’s who of Delhi in the vicinity, property prices run into crores.

Delhi luxury market flooded with distressed property options

The upcoming Akshaya Tritiya may or may not bring buyers back to the property market. However, the Delhi real estate market is currently flooded with distressed property sales, which have interested buyers with rich pockets. Farmhouse properties in Chattarpur and Sainik Farms – among the Delhi’s posh areasare being listed for sale almost every day. Most of these properties are in unauthorised locations which are supposed to get regularised in the future. According to Ravi Taxali, a property broker in New Friends Colony, the distressed properties have a price tag with up to 50% discount. Most of these listings are from NRIs or businessmen who are looking for liquidity.

Delhi’s luxury real estate in 2021

According to a recent report, out of 10,570 units launched in the NCR in the first six months of 2021, at least 17% (approximately 1,800 units) were in the luxury and ultra-luxury segments, which were priced more than Rs 1.5 crores. Interestingly, Noida accounted for the maximum share of such launches, followed by Gurgaon. With the luxury market in Delhi being mostly saturated and restricted to farmhouses and bungalows, the luxury segment in the NCR towns now includes apartments that have all modern furnishings and layouts designed by some of the big names including Gauri Khan and Suzzane Khan.

Earlier, research reports have indicated that in spite of the COVID-19 pandemic, those looking to buy a property are willing to test the waters. Kaustav Mandal, city-based broker says that luxury homes in south Delhi are garnering attention. “The jolt that the Coronavirus brought about, was temporary. Many resale deals were already on and have been completed, with a little delay though. Among those who had set their eyes on properties, about 85% of them have gone ahead with the deal,” he says.

Luxury properties in the resale market

Either due to the location or the cost, properties that qualify as ‘luxury’ in Delhi, are far more in the resale market now than new constructions. For new constructions, prospective home buyers generally move to the National Capital Region, where luxury homes are available at a far better entry prices than in the capital. In 2021, trend-watchers maintain that as the quality of infrastructure improves in Noida, there may be more takers. Noida and Gurgaon are now home to some of the big and reputed brands in the real estate industry.

Impact of circle rate deduction on luxury housing in Delhi

Ever since the circle rate reduction has been announced by the Delhi government, enquiries for independent housing, such as villas and bungalows, have seen a rise. “A 20% cut is an encouragement for many fence-sitting buyers. While sales had dipped due to Coronavirus pandemic, luxury housing saw active buyers, in spite of the odds. Now, this reduction comes as a boost,” says Jass Chawla, real estate agent in the city.

Industry players however say that there is further scope of rationalisation. Sotheby’s International Realty CEO Amit Goyal said that circle rates in Delhi should be rationalised as market prices are 30-40 per cent lower than the circle rates. According to him, luxury properties that are most demanded fall in the Rs 15-25 crore price bracket. Also, the pent-up demand for homes is being translated into sales now since everyone’s looking to upgrade their lifestyle without having to spend much on travelling to work and leisure.

Latest updates

DLF to increase prices across residential products portfolio

August 5, 2021: In the light of the rise in demand for independent floors and luxury housing, real estate developer DLF is planning to increase prices selectively, across its residential segment. It has indicated that the price hike is likely to be under 5%, this fiscal year (FY 2021-22).

The developer will open sales bookings for its luxury high-rise condominium project, Midtown, in Delhi, in the second half of FY 2022. It is currently obtaining RERA approvals for the project. About 2.1 million sq ft of the total size of eight million sq ft will be delivered in 2022 while the remaining six million sq ft will be delivered after the fiscal year 2024.

Recent luxury home and property deals in Delhi

Rajan Mittal purchases Rs 85-crore property in Delhi’s Shanti Niketan

Vice-chairman and managing director of Bharti Enterprises, Rajan Bharti Mittal, has purchased a plush property at a cost of around Rs 85 crores in Shanti Niketan in Delhi. The property is spread over 10,000 sq ft, is close to the consulates, Lutyens zone, the airport and prominent business districts. It was bought at a rate of Rs 7.5 lakh per sq yard. The property deal was signed on September 9, 2021, with four distinct owners selling a share of the plot to Mittal.

Yuvraj Singh buys penthouse in Sky Mansion

India’s famous cricketing star, Yuvraj Singh, recently bought a penthouse in Delhi’s Chattarpur area. It is a lavish 5BHK apartment, priced at Rs 32,000 per sq ft, according to reports. Apart from an infinity pool, a gym and a sky deck, the apartment comes with a number of amenities. Risland Sky Mansion, where the penthouse is located, was launched in January 2021 at Chattarpur, where the majority of the properties are villas and farmhouses.

Jaquar buys three farmhouses in Delhi for Rs 235 crores

India’s premium sanitary ware company, Jaquarm has purchased three farmhouses in Delhi’s Westend Greens for around Rs 235 crores. The farmhouses bought by the company are spread over 2.5 acres each. Jaquar is promoted by Rajesh Mehra and Ajay Mehra, who entered Forbes India’s rich list in 2019.

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(With inputs from Sneha Sharon Mammen)

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Source: https://ecis2016.org
Category: Lifestyle