Own a house in Delhi in just Rs 20-40 lakh

Delhi NCR

With property values increasing at a brisk pace, owning a house in Delhi has become a dream for many. However, the good news is that there is still an area where buying a home is possible under 40 lakh. With a restricted budget of Rs 20-40 lakh, Uttam Nagar offers a plethora of options to the home buyers, without compromising on connectivity and social infrastructure.

Located in West Delhi, Uttam Nagar has recorded a rise of 12 per cent over the last three months. As per data with Magicbricks.com, property rates for multi-storey apartments have climbed up from Rs 5,500 per sq ft in Apr-Jun 2013 to Rs 6,200 per sq ft in Jul-Sep 2013. With good connectivity and sound infrastructure, Uttam Nagar continues to retain its position among the top ten preferred localities in Delhi, as per Magicbricks.com research.

Here are a few contributing factors –

Accessibility

Uttam Nagar enjoys swift connectivity through roadways and railways. “Both Uttam Nagar Bus Stop and Metro Station are at a distance of just 1 km, which is the main reason why home buyers are considering the area as a potential option,” informs Ashish Verma, proprietor of Star Associates and Builders.

Property Values

The locality also offers a wide range of properties at different price points. As per data with Magicbricks.com, apartments of 450-750 sq ft are available within Rs 4,500-7,800 per sq ft. Thus, a 450-sq-ft apartment, for instance, is available at Rs 20 lakh. On an average, the wide range in Uttam Nagar is between Rs 20-60 lakh. For independent houses, the price range varies from Rs 60 lakh to Rs 2 crore. However, units with lower and higher values are also available.

In addition to affordability, the area is also providing economic relief in terms of capital values when compared to neighbouring Dwarka. Currently, “a 3BHK independent house in Dwarka would cost anywhere around Rs 1-3 crore. However, in Uttam Nagar, you may just have to shell out Rs 30-40 lakh for the same configuration,” adds Verma. Thus, the area is also attracting the spillover demand from the negihbouring areas.

What’s available?

Interestingly, there is more demand and supply of builder floor apartments as compared to multi- storey apartments. Giving his insights on this, Javed Akhtar of Bharat Homes says, “as compared to the multi-storey apartments, the overall cost of builder floors and the maintenance charges are low.”

Rental accommodation

Uttam Nagar is a good residential catchment due to the availability of robust social infrastructure. From schools to hospitals, banks to shopping complexes, the area has it all. (Refer to the slide show). Thus, the area is also ruling the roost for rental accommodation. A 1BHK apartment is available for Rs 5,000-8,000 per month and a 2BHK apartment commands anywhere between Rs 8,000-15,000 per month.

Though there is not much new stock coming up, but Uttam Nagar is an actively transacted locality.

Nikunj Joshi, Magicbricks.com Bureau

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