Karol Bagh: the Famous Shopper’s Paradise - By: Deepika B

Delhi, the national capital, is the hub of cultural, commercial and political activities is a multicultural cosmopolitan city. Located in Northern India, it is bordered by areas like Gurgaon, Faridabad, Ghaziabad and Noida in the states of Uttar Pradesh and Haryana. Delhi is a lodestone for professionals as even being an economic center itself, it is surrounded by industrial and commercial hubs in NCR.

Real estate in Delhi has become unaffordable for the middle income group with property prices reaching the skies. Various kinds of commercial, residential and retail setups have been burgeoning in the national capital. Among the administrative subdivisions of the Central Delhi district, Karol Bagh is one of the three. It makes for a mixed residential and commercial locality with some of the best retail outlets and eating joints. Even after the prevalent mall culture in the city, Karol Bagh remains the one of the most sought after shopping destinations in Delhi.

With millions of people living in and around the city, Delhi real estate has become extremely crowded and congested. An exodus of emigrants from within and outside the country is seen entering the city every year. It is the eighth largest metropolis in the world and the second largest in India in terms of population. One of the biggest and most famous markets of the state of Delhi is Karol Bagh established in the year 1950.

Karol Bagh real estate caters to all the classes and is well connected to all other parts of Delhi-South, West, North and East. Surrounded by Patel Nagar and Rajinder Nagar, it is spread over 30 square kms. Some of its attractions include:

-The traditional market of Ajmal Khan Road in Karol Bagh is well-known for retail & wholesale garments and imported items. It is also famous for its oldest commercial complex, one of the country’s largest two-wheeler spare parts wholesale markets, adjacent to Naiwalan area.

-Flanked by Gaffar Market known for smuggled goods; Bank Street, famous for intricate gold jewellery shops and Arya Samaj Road known for its secondhand and inexpensive book market, Karol Bagh is common to all.

Despite the establishment of international brands in the traditional Karol Bagh market, people throng the place for its old popular markets. A facelift for the market is planned by the Urban Development Ministry and Delhi Development Authority (DDA) in wake of the long awaited Commonwealth Games. The plans include giving Ajmal Khan Road a mall like look equipped with modern facilities to cater to the needs of foreign tourists and cash in on the forthcoming CWG event. This is bound to add convenience and comfort for shoppers as they can then find all sorts of things in one place. These developments are sure to spiral up the rates of property in Karol Bagh taking capital and rental values to a new high.

The property costs of commercial property in the gleaming Karol Bagh market have gone up from Rs 100-150 per sq. ft. to Rs 300-350 per sq. ft. on Ajmal Khan Road. On the Bank Street, the rates are around Rs 200-250 per sq. ft. and Rs 250-300 per sq. ft. on the Arya Samaj Road. The property values on other streets are also increasing constantly, for e.g., rates on Padam Singh Road and Hardhyan Singh Road have shot up 40 to 70% within last two years. The current capital value of the area varies from Rs 25,000 to Rs 30,000 per sq. ft. and is expected to grow further.

The rapid development and urbanization of the country capital along with the growing purchasing power makes real estate in Delhi one of the most expensive in India.

About the Author

Deepika Bansal writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry. At 99 acres, you can advertise a property, search property, Karol Bagh property, browse through Delhi property & other Properties.

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