Realty prices soar as CWG development makes sites attractive

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.