What drives real estate growth in Uttam Nagar, Delhi?

Uttam Nagar has emerged as one of the favourite reality hotspots in Delhi not only for capital investment but renting as well. Here is the list of key factors that contributed to the transformation of the realty sector in the area and added to its enchantment.

Geographically, Uttam Nagar lies in the western portion of Delhi. The area, which is suited proximity to the noted micro-market of Dwarka, extends from Uttam Nagar East Metro station to Dwarka Mor. On the real estate front, the micro-market has witnessed a radical transformation, especially after the foundation of the Blue Line metro corridor.

Homebuyers, both from within the city and the areas around, have showcased an increased interest in the residential Properties in Uttam Nagar. If you too plan to buy a flat in the area, it is crucial to know about the appropriate pockets in the area that are worthy of real estate investment. Since Uttam Nagar comprises numerous sub-markets, not all are equally fit for investment.

As reported by the Property Consultant, "Uttam Nagar is one of the oldest areas of Delhi, comprising of several colonies. But, only a few colonies, like Indira Park, Milap Nagar and Mohan Garden have been on the homebuyers’ radar owing to their infrastructure facilities.

While other residential colonies remain plagued with narrow roads, parking issues and intermittent water supply, the locales mentioned above offer quality infrastructure, secured ambience and ameliorated civic amenities."

Micro-markets to think about for real estate investment in Uttam Nagar
Close to Uttam Nagar West station, Indira Park and Milap Nagar are popular colonies to be appraised for investment. These areas comprise independent floor units in the price range of Rs 3,600-Rs 6,000 per sqft and Rs 4,700-Rs 5,000 per sqft, respectively.

Rajapuri Colony, a km away from the Uttam Nagar West metro station, has also observed increased demand from homebuyers in recent times.

The augmenting popularity of the locality is due to the presence of a number of 1 BHK, 2 BHK and 3 BHK builder floor units, which cater to the budgetary requirements of human beings from all walks of life.

Redevelopment trend
The increased demand for flats for sale in Uttam Nagar for buying and rent has paved the way for the redevelopment trend in Uttam Nagar.

A property consultant, recently shared that many homeowners in the locale have renovated their properties from one-floor houses to three-storey buildings to create more rental space and earn a higher income. However, it is pivotal to note that redevelopment in Uttam Nagar is permitted only up to four floors along with parking.

Enhanced connectivity options
Blue Line metro corridor links Uttam Nagar to Vaishali in Ghaziabad and Noida City Centre in Noida via Connaught Place and Pragati Maidan. Apart from that, the area also enjoys proximity to New Delhi Railway Station and the Indira Gandhi International (IGI) Airport.

The National Highway-8 passes through some of the busiest cities of India, such as Gurgaon, Surat, Vadodara and Kheda is 11 km from Uttam Nagar. The place is also well-served by Najafgarh Road, Outer Ring Road, and Pankha Road.

Vicinity to commercial hubs
Reasonable price points in Uttam Nagar not only attract the student community but working professionals as well. Numerous employees from the neighbouring tile hub and IT/ITeS parks in Connaught Place, Noida and Gurgaon like to reside in the area. Apart from that, smooth connectivity via the metro corridor and NH-8 has also added to the favorability index of the locality.

Array of facilities
Uttam Nagar provides its residents with all sorts of social amenities, incorporating schools and hospitals, banks and recreational facilities. Some of the well-known educational centres in Uttam Nagar are Sanjeevani Public School, Gagan Bharati Public School, Holy Convent School, Rajiv Gandhi Paramedical Institute and Dr MPS Memorial College of Hotel Management.

The key health institutions in Uttam Nagar comprise Mahindru Hospital, Gandhi Hospital, SR Krishna Hospital, BM Gupta Hospital, and Devi Charitable Hospital.

Apart from these, it also provides recreational options, like West End Mall and Vishal Megamart and proximity to various banks, including Syndicate Bank, Axis Bank, IDBI Bank and UCO Bank.

While the majority of residential spaces in Uttam Nagar include builder floor units, they are the gated communities that provide complete safety and security.

Moreover, as some of the properties in the area are available on General Power of Attorney and some are registered under Delhi Development Authority (DDA), a homebuyer must undertake thorough research and consult a legal expert to elude hassles. It is pivotal if you intend to avail a home loan as banks do not sanction advances on GPA properties.