Tracking The Price Trend At Soon-To-Be Smart City Ghitorni
It would not be long before property prices in Ghitorni, an area in south Delhi lying close to the Gurgaon border, start moving upwards. According to a media report, in the works is a plan to develop 240 acres of land at Ghitorni with smart city features. This land belonging to the Central Public Works Department which has been lying vacant since 1971 would be jointly developed with state-run National Buildings Construction Corporation (NBCC) . The development work would be carried out on a self-finance basis and is estimated to involve as much as Rs 15,000 crore. According to media reports, the CPWD will construct 6,500 residential units for government staff and office space for state-run companies. Additionally, the NBCC would develop 500 residences and commercial space for private parties. If the plan receives an approval by the Union Urban Development Ministry, Ghitorni will host a smart city in five years that will flaunt a water and waste management system, a rain-water-harvesting system, a surveillance system, solar energy, smart metering, and Wi-Fi connectivity.
It is worth mentioning here that Ghitorni lies between the Delhi-Gurgaon Expressway and is already served by a Metro station of the same name. The connectivity this locality enjoys is a major reason why Ghitorni is considered a prime real estate market. Things are just going to get better in future.
Where do prices stand at present?
To begin with, prices have remained stagnant in the locality in the past one year, show data. According to Makaan.com, average rate of property in Ghitorni is Rs 3,600 per square foot (sqft) . This is much less when compared to property rates in neighbouring areas. Lying close, for instance, is Vasant Kunj where you have to pay as much as Rs 14,500 for an sqft of space. In another neighbouring locality Malviya Nagar, average rate of property is Rs 11,500 per sqft. Prices are quite affordable when compared to average property rates in national capital Delhi. Average rate for property in Delhi stands at Rs 6,400 per sqft at present. A 2BHK at Ghitorni would cost you about Rs 28 lakh while a 3BHK unit would come for about Rs 40 lakh.
What about the existing stock?
In case you are looking to invest in property to reap greater benefits in future, you have got some options. According to Makaan.com, there are seven ready-to-move-in projects in the locality. The locality also offers you some builder-floor projects.