Area Watch: Patparganj
Patparganj, also famous as Gharonda Neemka Bangar, in earlier times is a developed residential as well as industrial area in East Delhi. As per historical evidence, this is the actual location of the Battle of Delhi which was fought in 1803.
AREA OUTLOOK
After the late 50’s, this area was developed at a fast pace and by 1990 a number of residential societies had come up here. The government had allocated 175 acres of land for residential purpose which was initially supposed to be used for industrial development in the area. Patparganj now is home to around hundred housing societies and many independent houses. Some of the high end societies are UNESCO Apartments, Milan Vihar and Technology Apartments etc.
ATTRACTIONS
Recently a six-lane flyover on the back side of the locality was made and this has reduced the traffic hiccups which were a daily sight here. This is just one of the ways in which this area has seen rapid development over the past few years. The real estate market of Patparganj has seen a major hike in capital and rental rates.
REAL ESTATE MARKET SCENERIO
The property prices here have skyrocketed since 2009, the rates then were INR 3000 psf and by 2011 the rates increased to INR 8000 psf. Meanwhile the rentals have gone up from INR 14000 to INR 25000 for a 3 BHK.
After the late 50’s, this area was developed at a fast pace and by 1990 a number of residential societies had come up here. The government had allocated 175 acres of land for residential purpose which was initially supposed to be used for industrial development in the area. Patparganj now is home to around hundred housing societies and many independent houses. Some of the high end societies are UNESCO Apartments, Milan Vihar and Technology Apartments etc.
ATTRACTIONS
Recently a six-lane flyover on the back side of the locality was made and this has reduced the traffic hiccups which were a daily sight here. This is just one of the ways in which this area has seen rapid development over the past few years. The real estate market of Patparganj has seen a major hike in capital and rental rates.
REAL ESTATE MARKET SCENERIO
The property prices here have skyrocketed since 2009, the rates then were INR 3000 psf and by 2011 the rates increased to INR 8000 psf. Meanwhile the rentals have gone up from INR 14000 to INR 25000 for a 3 BHK.
With the starting of the Metro, rates of the area have tripled. It is a well connected locality given its elaborate bus network and is very easily accessible from Noida which is a reason why many people prefer residing here so as to be close to their work place. The industrial sector with its number of car showrooms and other industries enjoys high rental and capital rates. According to N K Aggarwal of Aggarwal Estates, “The capital rates in Patparganj were as low as INR 4000 psf in 2008 but with rapid development, the same area now demands INR 8000 psf, the rates have doubled since then. In the near future, we predict an upward trend, for a good time to come, there will be no fall in the real estate rates”.
The capital rates in the area fall within the brackets of INR 7000 psf to INR 11000 psf; one can buy a house in one of the high end societies for anything between INR 65 lakh to INR 1 crore. A house close to the local market Madhu Vihar will cost a little more, the rate could be INR 2 crore or more. A number of retail outlets are also available in the market, for a rate of INR 14000 psf to INR 22000 psf, a shop in the local market Madhu Vihar will cost INR 40 lakh to 1 crore. The commercial land in the industrial area will cost anywhere between INR 14 crore or more. The rental market here has maintained a high mainly due to the Metro connectivity, prices have gone up. One can rent a 2 and 3 BHK house in Patparganj for INR 15000 to INR 25000 simultaneously. The rentals vary on the number of rooms and location of the house. In case the house is on the main road then too rates will be more as compared to houses in the side lanes. The rates for commercial or retail outlets here are INR 70000 to INR 6 lakh or even more depending on the area for example, if this is an industrial area then the rates could be towards the higher side.
Patparganj has a local market which caters to the daily requirements of the residents, from a pin to furniture; one can find almost everything here.
FACILITIES
Schools
- Vanasthali Public Senior Secondary School
- Sanskriti School Of Art and Culture
- Avb Public School
- St Soldes Public School
- National Victor School
- Vidya Bal Bhawan Public Secondary School
Hospitals
- Max Balaji- 22750380
- Ramlal Kundanlal Hospital- 45252288
- Bapu Nature Care Hospital- 22753360
- Mangalam Hospital- 22477926
Dharmender Ram
Shubh Homes Infracon PVT. LTD.
Mo 9540207408,9968041833
Office G-12 Sector 63 Noida U.P.
Emai- realestate.shi@gmail.com
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