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Recession has not appreciably affected prospects in Defence Colony as the consumer base here is largely affluent — little wonder then that the market has started picking up again. Defence Colony is an upscale neighborhood in South Delhi. It is surrounded by Lajpat Nagar to the East, Lodhi Colony to the Northwest, South Extension to the Southwest, and Greater Kailash-I in the South. Nizamuddin railway station is also in close proximity. The Indira Gandhi International Airport is about 14 km from Defence Colony.
Market slowdown did not affect Defence Colony market much, as the elite section it caters to was not really impacted by global recession. Market is slowly recovering, but realtors believe the area was never down even during recession. Values have again started picking up but transactions are not happening due to the lack of options and shortage of new supply. Be it rise or fall in values, transactions or no transactions, with the great infrastructure and powerful user profile backing the locality, a house of your own in Defence Colony is a prized possession
Once a small officer’s colony, Defence Colony has transformed over the years into a sprawling residential area inhabited by the upper middle class and the high class segments of society. The resident profile boasts of high-profile individuals and the elite of the national capital. All this makes Defence Colony a much sought-after locality in Delhi, which is the reason why property prices are so high in this area.
Property Market in Defence Colony
The central location of the locality influences property values as much as the available infrastructure. A rented house in the locality is available in the range of Rs 40,000-80,000 per month, while an outright purchase of an apartment could cost not less than Rs 6,000-8,000 per sq ft. During Q3 and Q4 2008-2009, values dropped by approximately 10-20% owing to economic slowdown. However, the market has stated gaining momentum again. As far as transactions are concerned, the market is not very active, compared to other affordable and developing areas. The scale of transactions is big but the volumes are less. This could be attributed to the fact that this market has a limited and niche consumer base and also because there are no new developments taking place in the area. Defence Colony is centrally located with respect to Delhi’s CBD (Central Business District) area, and it adjoins upmarket areas such as Golf Links and Jor Bagh. These factors naturally drive up values. Defense Colony has seen a correction in the recent past. The rates dropped more in negotiations than on developer’s quotes. Currently, Defence Colony has started stabilizing and could be on its way to recover its old peak values, since there is a marked dearth of new properties.”
Defence Colony Infrastructure
The colony has several green parks in and around the area. There are ample entertainment and recreational options. The market caters to every need; it houses various clothing brands, gift galleries, restaurants, pubs, parlours, and shops to fulfil the daily requirements.
Social infrastructure is good. Schools, colleges and other higher education institutions are in a convenient radius. Hospitals, medical stores and local markets are all present in the area. Security is very good - it is said to be one of the most secure localities in Delhi. Defence Colony is very well connected to other parts of the city. Public transport is easily available and construction of several flyovers at busy junctions around the colony has eased traffic movement considerably. Parking is not an issue in the locality.
It has been well taken care of, by way of two parking lots in the market, which are authorised MCD parking slots. Besides, residents have their own parking space. However, water is a major problem here, as in other areas of South Delhi. Power cuts are very rare and of very short duration. |
