Dwarka, one of the fastest growing sub-cities around Delhi, lies to the south west of the national capital. It is a well planned residential area with parks, restaurants, theatres and shopping for the residents. The locality is connected by the National Highway (NH) 8, the Outer Ring Road (ORR), the Najafgarh Road, Pankha Road and the Rewari railway line. It is about 40 to 45 minutes drive from Gurgaon and has good connectivity, not just to Gurgaon but to central Delhi as well. Bus connectivity to the metro stations is also good.
The second diplomatic enclave is to be developed in the second phase of Dwarka in Sector 24. At present 39 foreign missions and embassies are working out of leased properties in central and south Delhi. The Delhi Development Authority (DDA) will be allotting land as the supporting infrastructure is ready. This development will make Sector 24 a very attractive location.
The best areas in Dwarka to live in are Sectors 4 and 6; most of the societies have playgrounds, parks and lung spaces. Many of the residential areas are in gated communities which provide a range of facilities such as gyms, community halls, power back-up, Wi-Fi, 24/7 security and intercoms. The maintenance charges vary from society to society. The going rate for apartments in Dwarka stood between INR 7200 to INR 8300 per square feet in the third quarter of 2015.
Dwarka has come into the radar of young professionals working in the Information Technology (IT) industry ever since it has been connected by the Metro to the city centre and other parts of the city. Dwarka has ten metro stations and is also connected to the Indira Gandhi International Airport Terminal 3. A special Metro line named the Delhi Airport Metro Express also connects the area to the airport. The Metro also connects Dwarka to Noida in Uttar Pradesh and to Anand Vihar.
The major problems faced by the residents of Dwarka are water shortage and garbage collection. Water is a major issue and is supplied by water tankers by the DDA. Besides, there is no organized garbage collection system also. Maybe, once the diplomatic enclave is up and running, this will also fall into place.
The DDA has developed a mixed land use model in Dwarka. Most of the residential clusters in Dwarka also house offices, with 80% being residential and 20% being commercial. This has been quite a success in this locality. Most of the housing in Dwarka is co-operative group housing, with some independent houses too.
Meanwhile, the much anticipated free fall, the real estate experts around the country have been predicting, is yet to happen. Most real estate pundits agree that sellers are not willing to reduce the prices while the buyers are not willing to pay the asking price. So there is a stalemate on transactions.
At the same time, it must be said that Delhi’s National Capital Region (NCR), the country’s largest residential real estate market is in some kind of correction. The inventory of unsold houses is piling up while sales are plummeting. The end user, or the actual customer who will live in the house he buys, is refusing to buy at the high price for the house. He is asking for more affordable houses.
On the ground level, developers are postponing the new project launches. Research shows that a little more than 11,000 housing units were launched in the half year ended June 2015 compared to the 35,000 housing units launched in the corresponding period in 2014.
Nina Varghese for IndiaProperty.com
Image: By Neo198717 at English Wikipedia [Public domain], via Wikimedia Commons