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Buoyed By Metro Connectivity "Rohini" Emerged as an affordable rental destination of Delhi


By Sumit Kumar, Section Real Estate
Posted on Tue May 13, 2008 at 04:53:39 AM EST

When Janesh Sharma, a senior executive working in Delhi, moved to Rohini in a two-bedroom rented apartment he knew that he was going to save time in commuting to his office. His office, which is in Connaught Place, is very well connected to Rohini be it through the Metro Rail route or road transport.
The Metro, especially, has not only added comfort to people's life but has also done wonders to the real estate scenario of Rohini. In recent times, Rohini has emerged as an affordable rental destination of Delhi. People working in south and central parts of Delhi are looking to find rented accommodations here.

As far as Sharma is concerned, he is paying a rental of Rs 6,000 per month for his two-bedroom, 1,000 sq ft apartment.

Comparing the rentals of the apartments with those of south and central Delhi, one will find Rohini a much cheaper destination.

A good mixture
What makes this area even more attractive, in comparisons to the other areas, is the magnitude of development that has taken place and will take place in this region. Of the 30 sectors here, sectors 1 to 24 are fully developed. The rest of the sectors are still developing. Varun Pawa, director, Pawa Builders, which is developing a 2-lakh sq ft mall called Pawa Grand at Rohini's sector 14, says, "As per the Master Plan of Delhi 2021, Rohini will be expanded till Bawana and Narela."

Currently, DDA flats are available in sectors 2 to 8, 15 to 18, 23, and 24. All these flats are two-bedroom, MIG flats of 900-950 sq ft. Society apartments are available in sectors 7 to 14. Other than these there are independent houses available in Prashant Vihar, which is surrounded by Rohini from three sides.

Appreciation
The prime sectors like 7, 9, 10, 13 and 14 command a high rate. A two-bedroom apartment of 900 sq ft, which was available in sector 13 for Rs 38-40 lakh a year back, now sells for Rs 45-50 lakh." In past one year, the prices have risen by 12 to 13 per cent.
Prices began rising here from October 2003. But they boomed after the Metro became operational around the end of 2004. Since then, real estate market here has not looked back.

But this boom fizzled out in 2007. Since then, the prices have stabilised though they have not fallen. Rohini has been witnessing slow and gradual appreciation in the rates.

Sharma of Banwari Lal Properties explains, "Rohini has independent houses built on freehold plots of 26 to 90 sq m. These plots command a rate of Rs 1.5-2 lakh per sq yd. A year back, the same plots were selling at Rs 1 lakh to 1.25 per sq yd. Prashant Vihar, has the maximum number of independent houses in this area."

Factors like high salaries drawn by young professionals and the massive influx of people from other states into Delhi has also contributed to the price rise.

Rising rates
With the Metro Rail reducing the travel time to business districts of the city, price of apartments here has risen. The correlation is simple to track. Earlier it took one-and-a-half hours to travel from Rohini to central Delhi areas like CP and ITO. Now the travel time has reduced to 40-45 minutes, due to the Metro. The commute is also far more comfortable than driving or taking a bus.

  • Preferred rental destination
  • Full of amenities

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Rohini's society apartments now command a price of Rs 4,000-5,000 per sq ft. This is comparable to prices in parts of East Delhi that are a 30-minute drive from CP and where apartments cost around Rs 5,000 per sq ft.

DDA flats in Rohini are cheaper than the society flats. Their rates are in the range of Rs 3,200-3,700 per sq ft. In late 2006, the rates were around Rs 2,800 to 3,500 per sq ft.
But if you can afford one, opt for a society apartment.

These have better-quality construction, are better maintained, offer more open areas compared to DDA flats, and have better security arrangements. The premium complexes, there are about a dozen in Rohini, are equipped with lifts and have power backup.

Sectors 9, 13, 14, and Prashant Vihar command the highest price in Rohini. They are better development and are closer to Metro stations of Rohini East, Rohini West, and Rithala.
The construction quality of a DDA apartment is usually poorer than society apartments, so you may have to spend a substantial amount before you can start living in one.

Low-budget options are available in the upcoming sectors 25 to 30. These sectors are at a considerable distance from the Metro line. Sector 30 has mostly got independent plots.

Preferred rental destination
Of late, this area has been catering to a large number of people and working executives. Over the last two years, rentals have risen by 20-24%.

Rental of shops ranges from Rs 60-100 per sq ft per month. In malls, it is as high as Rs 150-200 per sq ft per month, therefore demand for shops on rent is very high.

Full of amenities
In past two years PVR Cinema and several malls have opened up in Rohini. Some of the important developers who have malls here are M2K, Parsvnath, Unitech, and Pawa Builders. The Adventure Island and mall in sector 10 are another big attraction. They are both near the Rithala Metro station and have been developed by Unitech.

Suresh Sharma of Banwari Lal Properties says, "People who live in Rohini sectors have several options for schools and colleges. Various shopping centres and local markets fulfil their day-to-day needs. For medical needs they can go to Rajiv Gandhi Cancer Hospital, Ambedkar Hospital, Saroj Hospital, Jaipur Golden Hospital, and Mahavir Hospital.

Roads inside the colonies are wide. There is no water shortage, as the Haiderpur water treatment plant is situated nearby. Electricity supply these days is good, as compared to the rest of Delhi.
There are many reputed schools nearby, such as: DPS, Bal Bharti, Apeejay, Ryan, CRPS, Lancer Convent, and Rukmani Devi.

For those keen on sports, sector 14 has a sports complex. Sector 9 has a large district park, and sector 12 has the Swarna Jayanti Park (also called Japanese Park).

If you wish to buy an apartment in Rohini, you should look for a society flat. If you are looking for a rented accommodation, you should look for one in the prime sectors as there is very little difference in rates between DDA flats and society flats.

Source: Express Estate, May 09, 2008 WORK n PLAY AT ROHINI

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