New Delhi, Feb 26 (IANS) The real estate potential of South Delhi, one of the poshest regions in the country, is worth Rs 5.65 lakh crore now — thus becoming an ideal location for homes that offer exclusive and luxurious living experiences, a report showed on Wednesday.
The real estate potential of 13 category-A colonies in South Delhi is worth Rs 2.14 lakh crore, accounting for nearly 40 per cent share, according to the report by Golden Growth Fund (GGF), a category-II real estate focused Alternative Investment Fund.
The real estate potential of 27 Category-B colonies is worth Rs 3.21 lakh crore, accounting for nearly 60 per cent share.
The average price of plots in Category A colonies ranges from Rs 7-15 lakh per square yard, while that of Category B colonies ranges from Rs 6-12 lakh per square yard.
According to the report, around 18,446 plots are available across the 42 Cat A, B and C colonies in South Delhi, whose size ranges from 125 sq. yd. to 1750 sq. yd. at an average price of Rs 6- 15 lakh per sq. yd.
The Municipal Corporation of Delhi (MCD) has divided all colonies of Delhi under eight categories – A, B, C, D, E, F, G and H.
Category A and B being the most exclusive locations, which are located in South Delhi. Circle rates, property tax rates and stamp duty charges for property registration are based on these categories.
In the 13 Category A colonies, around 3,704 plots are available whose size ranges from 200 sq. yd. to 1,200 sq. yd. at an average price of Rs 7 lakh per sq. yd. to Rs 15 lakh per sq. yd.
In the 27 Category B colonies, around 12,720 plots are available whose size ranges from 125 sq. yd. to 1,750 sq. yd. at an average price of Rs 6 lakh per sq. yd. to Rs 12 lakh per sq. yd, the report mentioned.
According to Ankur Jalan, CEO, Golden Growth Fund, South Delhi is predominantly inhabited by the wealthy class comprising businessmen, lawyers and salaried professionals with taste for luxurious floors and villas.
HNIs, NRIs and family offices, who earlier invested in local properties without the cushion of compliance and safety, are making investments in alternative investment funds (AIFs) that invest in these colonies.
The recent data from SEBI indicates that the real estate sector attracted Rs 75,500 crore investment from AIFs, the highest among all sectors, accounting for 17 per cent share.
“With returns as high as 18-20 per cent without having to worry about the safety of investment and property upkeep and maintenance, AIFs have opened a new avenue for these investors,” Jalan added.
—IANS
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