Uttam Nagar: An Emerging Real Estate Hotspot
Real estate in Uttam Nagar is relatively affordable, and this has led to a rise in demand. The area caters mostly to people who migrate to Delhi from villages seeking better living standards. It is also a good locality for people who want to invest in real estate in Delhi. Relatively low prices have led to greater demand for affordable properties in Uttam Nagar.
Real estate in Uttam Nagar has become more expensive after the metro was extended to this area. PropGuide lists the key elements that make Uttam Nagar an upcoming real estate hotspot.
Metro connectivity
Recommendation of the Delimitation Commission of India led to the formation of Uttam Nagar. It was developed in 2008, and became popular with the extension of metro lines that connect Uttam Nagar to Connaught Place, Pragati Maidan, Noida, Anand Vihar, ISBT and Vaishali. The Delhi metro also connects the locality to the Airport line via Dwarka. There are four metro stations in the locality: Nawada, Dwarka Mod, Uttam Nagar East and Uttam Nagar West.
An affordable real estate option in Delhi-NCR
The affordability factor makes Uttam Nagar a great option for real estate investors keen on investing in Delhi NCR. The location is good and is connected to areas like Shanker Garden, Indira Park, Jeevan Park, Om Vihar, Bindapur, Mahindra Park and Vikaspuri. Gurgaon and International Airport are easily accessible because of connectivity to the National Highway 58. As investing in real estate in Uttam Nagar is lucrative, the demand for plots in Uttam Nagar has been rising.
Redevelopment in Uttam Nagar
As the demand for real estate is growing in Uttam Nagar, many house owners are revamping their old homes. Many are building more floors in their old homes. The reason is that rents are comparatively low in this area.
Real Estate in Uttam Nagar
The real estate market in Uttam Nagar caters to the needs of people who migrate from small towns to Delhi. The price per sq ft was Rs 4,045 in January 2016. By March 2016, this rose to Rs 4,057 per sq ft. The current price in Uttam Nagar is Rs 4,097 per sq ft. The rent in this locality is around Rs 8, 826 per month. From January 2016 to March 2016, prices have steadily risen. There are many luxury properties, budget homes, trending properties and rental properties in Uttam Nagar. The rental rate is as low as Rs 5,000 per month for a 1BHK independent floor. Budget homes are available at a low price of about Rs 7.5 lakh for a 1BHK independent floor.