Vikas Puri

Set under the Patel Nagar subzone of West Delhi, Vikaspuri is an upper middle-class settlement, arranged in a segment of nine major blocks named alphabetically. This planned suburban locality has a mixture of property types that majorly ranges from apartments, builder floors, and independent houses. It is stacked up with a balance of physical structures, adjoining roads, and parks.

The commercial and retail hubs of this area keep this locality going with the multiple markets connected with each block. Vikaspuri also has a good set of malls that are fixed up with some of the leading retail outlets and eateries. Some of the malls in this area are V11 Mall, Ari Shopping Mall, Surya Complex, Central Shopping Centre, and more.

The AEZ Square is the first ever mall in Delhi, which is claimed to give its visitors a sophisticated shopping and entertainment experience. The shopping experience doesn’t stop at the malls. Vikaspuri is in proximity to the Dilli Haat in Pitampura which is a food and handicrafts bazaar. It also has a good number of schools, cafes, banks, ATMs, hospitals, and luxury hotels to add to its social infrastructure.

The realty in this area is valued highly, as is the case with several of its surrounding neighbourhoods. The area has very few upcoming projects; nevertheless, there is scope for further developmental activity. The residential-commercial mix in Vikaspuri will keep the realty value significantly lucrative and benefit any investment made.

Connectivity

Connectivity in Vikaspuri is well structured with arterial roads that connect with the Outer Ring Road that runs through this area, easing accessibility. Deli’s Blue Line Metro runs in proximity to Vikaspuri, which connects it to Connaught Place, Pragati Maidan, Anand Vihar ISBT, and Vaishali. This line is further going to be extended to the Airport through Dwarka. Other transport facilities in these areas include auto-rickshaws, cycle-rickshaws, and buses. And then there are Gramin Sewa Autos that ply on Virjanand Marg.

Major Landmarks

·         Vikaspuri Police Station

·         District Park

·         Primary Government School

·         Janakpuri West Metro Station

·         AEZ Square

·         Seion Water Treatment Plant

·         Najafgarh Drain

·         DTC Keshopur Depot

Factors for Growth in the Past

Vikaspuri is one of those regions in Delhi that were meted out with rapid urbanisation. The locality has evolved along with other neighbouring localities on, both, the residential and commercial front. In time, the commercial front evolved into a solid platform with the development of the retail sectors that were occupied by leading brands.

Residential & Commercial Market

The residential and commercial ends have seen sizable growth over the years, creating a distinguishing real estate value. The area has abundance in apartments, builder floors, and independent houses in Vikaspuri  that are available for sale and rent. The builder floors will be developed further to accommodate more housing facilities, with the receding availability of land. The commercial side of Vikaspuri has been developed as well, and has been utilised thoroughly.

The sale prices for the first quarter (Jan-Mar) of 2014 for multi-storey apartments in Vikaspuri  ranged from Rs 9,550 per sq. ft. to Rs 11,500 per sq. ft. Builder floors were priced anywhere from Rs 9,800 per sq. ft. to Rs 12,050 per sq. ft. The rental rates for these property types approximately range between Rs 13 per sq. ft. to Rs 19 per sq. ft. The commercial rental prices amounted between Rs 51 per sq. ft. to Rs 61 per sq. ft.

Major Challenges

Vikaspuri has faced its fair share of shortcomings. These issues include maintenance problems with regard to roads and drains. The sewage problems in this area has been menacing to the residents. The other problems in this area have been pollution issues, illegal encroachments, lax water supply, and poorly lit streets.

Future Prospects for Growth

Vikaspuri has a very ambitious and prospective future with regard to its developmental activities. The Delhi Metro Phase III, due by March 2016, will benefit Vikaspuri greatly in terms of connectivity. It will link Vikaspuri to the Janakpuri (west)–Noida Botanical Garden line, further connecting it to places like Hauz Khas, IIT Delhi, IGI Domestic Airport, and Nehru place.

Construction is going on at the Outer Ring Road to make it signal-free, along the East-West corridor. To add to the vertical development, there is an upcoming mall on Virjanand Marg (near D-Block) undertaken by the Reliance group. All these factors will owe to the betterment of the real estate value of Vikaspuri.