Sanmukh

Mayur VIhar Phase I not only enjoys an upmarket reputation but is also located strategically. If you live in one of the apartments in Phase I and work in the commercial hubs of Delhi or Noida you won’t have to travel more than 8-10 km to reach your workplace. Besides this, Phase I of Mayur Vihar is fast becoming a leading commercial hub in east Delhi itself. Several developers like DLF and Mahatta Towers have already constructed their malls at the district centre, Mayur Place in Phase I. Other names include, Eros, Sikka, TSL and Anupam.

With a population of more than six lakh, Phase I of Mayur Vihar has emerged as one of the Capital’s sought after residential and commercial hubs.

Ravinder Aggarwal, of Aggarwal Associates and a member of Association of Certified Realtors of India says: “Most of the demand in Phase I comes from people with deep pockets and work in commercial hubs like Connaught Place or IT-ITeS companies of Noida.” The place has earned a premium tag in recent times because of its proximity to Akshardham Temple and the upcoming Commonwealth Games Village site. Another factor is the quality of developments. Says Pushkar Mahatta, director, Mahatta Towers, which has developed the Star City Mall on the district centre land: “The projects will change the face of UP Link Road and Phase I; one will soon find a huge influx of visitors and tourists.”

Mayur Vihar Phase I is well-connected to Noida, central and east Delhi, and Ghaziabad. After the completion of a proposed flyover that will connect Phase I to DND flyway directly, the area will enjoy good connectivity to areas of south Delhi and to the four proposed stadiums of Commonwealth Games.

High prices
With so much to offer, it is not surprising that property rates in Mayur Vihar Phase I are high. The cost of society flat ranges between Rs 5,000 and Rs 6,000 per sq ft. In complexes such as Ashiana, Vigyapan Lok and Vardhman, apartments rates go as high as Rs 5,500 to Rs 7,000 per sq ft. Over the last two-three years, apartment prices in Phase I have been rising by 30 per cent annually.

Plot prices: Plot prices have been stable over the past one year. At present, the going rate is Rs 1.5-2 lakh per sq yd. Citing the reason for stability, Aggarwal of Aggarwal Associates says: “The confusion over the Master Plan and the sealing-demolition drive is keeping builders away from building anything new.” In the inner pockets of Phase I, the price of plots is Rs 60,000 per sq yd.


What is available?
At present Phase I has all ready-to-move in society and DDA flats. Some of the high-end apartments include IAS Apartments, Samachar Apartments, Nirman Apartments, Vardhman, Ashiana, Vigyapan Lok, and Gyandeep Apartments. For less expensive options you can try DDA flats or society flats in Phase II and III.

High rentals: Demand for rentals come from IT professional working in Noida and Greater Noida, and self-employed professionals like doctors, and advocates. Ahuja says: “Because of strong demand, rentals have appreciated by 30-40 per cent in the last one year.” In premium apartments like Vardhman and Ashiana, the rentals are Rs 10,000-20,000 per month or sometimes more than this.

Outlook
The industry players expect prices in Phase I to soar in the next one year. Aggarwal says: “I expect a rise of 10-20 per cent in another year. Once the MCD’s sealing drive is over, prices of apartments and plots will escalate by almost 50 per cent.”

The long-term prospects of this area are bright. Phase I will see office spaces, and international retail brands in malls. What will also keep prices rising in the long run is the non-availability of land.

Infrastructure developments: The biggest boost to real estate in Phase I, will come from the Metro. “Metro will reduce the travel time to almost half, it will have a direct impact on the prices of apartments,” says Mahatta. In future, the area will be connected to DND flyway directly by a flyover. This will be an eight-lane flyover. One can reach Anand Vihar ISBT within 20 minutes drive. Upmarket areas of Ghaziabad like Indirapuram are within easy reach via the National Highway 24.

Should you buy?
For investors as well as end-users, Phase I is expensive. But it is advisable that you put your money now. With the increase in home loan rates, the prices of residential apartments have been stable since the past two to three months. But as the present market trend indicates, the rates in Phase I will surely rise exponentially.