Rental property in demand in Palam Vihar

Published on July 30 2011 by 7bighagroup

Gurgaon

Palam Vihar is one of the popular and well-maintained residential areas in Gurgaon. It is developed and maintained by Ansal Property and Infrastructure Ltd (APIL). The residential market has varied options from group housing developments, residential floors and villas, plots developed by HUDA and builder projects.

The locality is popular owing to the accessibility to Delhi, proximity to NH8, I.G.I Airport and Old Jaipur Road. An added advantage is that it has an industrial zone in the neighborhood. Facilities like market, shopping mall, health club and parks are available in the vicinity which makes the stay of residents convenient and comfortable.

The region is located close to major software companies such as IBM, Oracle, Alcatel, Sapient and industrial units of Maruti Udyog Limited, Huda Power Plant, among others. IT professionals employed in these companies are from various parts of India and prefer to stay in rented accommodation in the area.

Projects like Cosmos Executive apartments, Park View Residency, Yadu Apartment and JBH apartments have seen momentum in rental property demand. The rental value has registered an increase by 10-15% in the past 6 months and now values are around Rs 12000 to Rs 18000 per month depending upon the builder, area, accessibility, specification, amenities and other property attributes.

Amitabh Jain of Mahavira Associates said there is a huge demand for 2BHK and 3BHK from end-users, specifically the people working in Udyog Vihar and neighbouring corporate companies. This set of end-users look for amenities, parking and basic necessities like water/electricity before finalising the property. Property prices in the area are reasonable as compared to property values in DLF Phase 1 and Sushant Lok. That’s why the salaried group prefer Palam Vihar as their residence.

Infrastructure initiative like the proposed Dwarka Expressway has given sudden boost in the prices of residential properties. Along with this, the upcoming Metro line will provide direct reach to the region.

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