South Delhi is a generally very expensive real estate market compared not only to India but almost anywhere in the world. Especially, when you compare the amenities you get for the price, in which case it may just be the costliest real estate on the planet. The reason is that most people want to stay in South Delhi and just don’t want to exit to Gurgaon or Noida etc. Most properties are just builder floors, built on a plot size of 200 sq yards to 2000 sq yards with the built up area being 1400 sq ft to 6000 sq ft for a builder floor and goes up to 20000 sq ft for a fully developed residential building.
Now if we closely see, it’s not really the construction so much, as it is the locality where the property is. For example both Golf Links and Saket have similar sized builder floors but the rates are vastly different. The difference is essentially because of the ambiance, the mix of people that live there, location being more central, and nice open roads with lots of green areas. There is definitely a big factor of the Brand/ Label of Golf links. But the point I am making is that it is not how nicely it is built, it’s the other things I pointed out. And these things make a difference of about 4 times in price. Such things don’t always make such a big difference. For example one can easily get such amenities in say Chandigarh. But the prices there won’t shoot up because there’s not much scarcity of these things. Delhi on the other hand has such a huge scarcity of few things that it makes all the difference.
So what are the top scarcities/ shortages in South Delhi? And what offers them. Let’s see. The main shortage here in South Delhi is of a Gated Complex and with other things that come with it, like swimming pool, gym, club house, 24×7 security, common maintenance being taken care of by an agency, green areas in the project itself with limited access of the few living there. The other shortage is of greenery around. In Delhi one is practically smoking all the time even when one doesn’t actually smoke! But a large greenery can help undo that by cleaning the air and supplying the oxygen. Also the aesthetics improve a lot with greenery around. One can make a killing if one was able to come up with something like that. But it is almost impossible due to unavailability of larger land pieces. One needs lands in acres which don’t really exist here. So very few such projects can come up and are taken by only few who are willing to pay for such “Luxury”. These luxuries are taken for granted anywhere else, but in South Delhi you have to really value it. You have to. And you pay for it too.
For example DLF KingsCourt in Greater Kailash-2 is one Luxury gated complex 12 stories high and a real masterpiece compared to South Delhi. Compared to Magnolias in Gurgaon, one would think it’s a mini Magnolias. But this project really is the top luxury in Delhi. Only 57 units. Own club house, with swimming pool, gardens, 3 tier security, Café, Spa, Card room, Gymnasium run by Sumaya (Lodhi fame), and a great Lounge which can act as an extension of your drawing room. Also has separate play areas for small and not so small kids and 2 party areas, drivers lounge etc. Greenery wise it has 435 acres of greenery (jahanpanah forest) and adjacent is an 8 acres DDA park with a good walking track. Apartments are fully fitted and are top notch.
Now someone deciding to stay here, on rent or after buying, has to shell out a good amount of money more than he would pay for a similar sized builder floor outside. Only those would come who value this quality and are willing to pay so much more for it. There’s just 57 units. And only a few can afford and value the luxury, and so the community is of only such people. So that refines it further in terms of your neighbors. I personally love this project DLF KingsCourt in Greater Kailash-2 and have done a number of deals here and feel in days to come it would be valued more. But the main point I am making here is that luxury in Delhi means a lot more than just the construction and amenities inside the home. Keep that in mind when you buy or rent something.