Delhi, one of the oldest cities in India, highlights a blend of ancient culture with a rapidly expanding metropolis. According to an industry report, Delhi is the ninth fastest developing housing market in the world. The realty market in the city is the most sought after, which attests to its skyrocketing prices. However, the major demand in the region is in the affordable and mid-income housing segments due to the generous support extended by the Central Government.
Despite being one of the costliest cities, several areas in Delhi cater to mid-segment homebuyers. If you are planning to buy a home in the city, places like Uttam Nagar, Laxmi Nagar and Khanpur may be considered as they offer a range of housing options, metro connectivity and quality infrastructure. To know more about these affordable localities in Delhi, read on!
InformationsOnly.com is Sharing the list of the five affordable localities in Delhi to buy a property.
Uttam Nagar, West Delhi
Uttam Nagar in West Delhi has an ample supply of ready-to-move builder floor units. According to Real Estate Experts, the average property price per sq ft in Uttam Nagar is around Rs 4,300, after nearly a 12 percent appreciation in the last five years. The housing prices start from as low as Rs 23 lakh and go above Rs 2 crore based on the property type and configuration. Monthly rentals are affordable, with a 2 BHK unit available at Rs 8,000.
Uttam Nagar is replete with social facilities, including several schools, hospitals, and shopping avenues. Janakpuri District Centre is a popular trading hub in proximity. Besides, it is just five km from Dwarka Expressway and NH-58. Najafgarh Road, Pankha Road, and Outer Ring Road also provide sound connectivity to Dwarka and Janakpuri. The nearest metro stations to the area are Uttam Nagar East and Uttam Nagar West on the Blue line of the Delhi Metro.
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Laxmi Nagar, East Delhi
Most of the residential developments in Laxmi Nagar consist of builder floors and independent houses, with prices averaging at Rs 6,150 per sq ft. According to Real Estate Experts, the locality witnessed an appreciation of over four percent in the property values in the last one year.
Laxmi Nagar is popularly known for its active retail zone and coaching institutes. Hence, the demand for paying guest accommodations and apartments remains high. Affordable rentals also contribute to the trend as the monthly rent for a 2 BHK unit hovers around Rs 11,000-21,000.
From the connectivity standpoint, Laxmi Nagar Metro Station on the Blue Line next to Yamuna Bank is an interchange station for Noida, a popular employment hub. Further, the Anand Vihar ISBT and Nizamuddin Railway Sation are located within 10 km.
Among the upcoming developments are the redesigning of the Lakshmi Nagar-Kadkadi Mod stretch and multi-level parking lots at Vikas Marg, the upgradation of the drainage network and streetlights, and the rainwater harvesting system. These would substantially augment the liveability index of Laxmi Nagar and attract buyers.
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Khanpur, South Delhi
Khanpur is a densely populated residential area divided into several sub-localities such as Deoli Gaon, Nai Basti and Tigri, Devli, Raju Park, and Duggal Colony. Badarpur Road, Lal Bahadur Shastri Marg, and Guru Ravidas Marg connect Khanpur to the key commercial areas of Hauz Khas, Greater Kailash, and Bhikaji Cama Place. Further, Saket Metro Station (5 km) on the Yellow Line, Hazrat Nizamuddin Railway Station, and Indira Gandhi International Airport are also directly accessible. The connectivity quotient of the area is expected to improve further post the development of the ongoing Tughlakabad-Aerocity Metro corridor and a flyover on Mehrauli-Badarpur Road.
Khanpur has ample affordable ready-to-move independent houses, builder floors, and RWA societies. Housing units configured as 2 BHKs are the most popular here, starting at Rs 26 lakh. Depending on the structure and amenities, the rentals in the area are around Rs 6,000-18,000 per month.
New Ashok Nagar, East Delhi
Situated in East Delhi, New Ashok Nagar is a residential area comprising a mix of independent houses and apartments. It is in proximity to Ashok Nagar Extension, Trilokpuri, and Sector-15, Noida, and boasts of direct connectivity to employment hubs along Noida-Greater Expressway. The Barapullah elevated corridor and the planned Delhi-Meerut RRTS station to connect East Delhi and Meerut are also expected to improve regional connectivity, once completed. The area has a dedicated metro station on the Blue line of the Delhi Metro that connects Dwarka Sector 21 to Noida Electronic City. Besides, the Mayur Vihar Pocket-1 Metro Station on the Pink Line of the Delhi Metro is about three km away. The nearest railway station to New Ashok Nagar is Hazrat Nizamuddin Railway Station, at about nine km.
New Ashok Nagar offers affordable residential inventory. a 2 BHK unit in this area starts from Rs 20 lakh and goes over Rs 2 crore based on configuration. The residential stock primarily includes housing societies, builder floors and residential apartments.
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Ghitorni, South Delhi
The average property price in Ghitorni hovers around Rs 3,300 per sq ft. The locality offers a mix of affordable independent houses and multi-storey apartments. The rentals vary around Rs 7,000-13,000 per month, with average monthly rent for a 2 BHK semi-furnished unit tagged at Rs 10,000. Ghitorni Metro Station on the Yellow line connects it to the central areas of Delhi, while Gurgaon is easily reachable via Rapid Line. The presence of coaching institutes and connectivity to several commercial hubs of Gurgaon and South Delhi attract many tenants to the locale. Employment hubs in Gurgaon, such as DLF Cyber City, Sikanderpur, Udyog Vihar, and IFFCO Chowk, are only 10 km away. NH-148A also runs through the locality, connecting it to some posh locales of South Delhi, such as Vasant Kunj, Saket, and Chhatarpur.
Ghitorni’s connectivity to IGI Airport is also to be enhanced post the Aerocity-Tughlakabad Metro corridor sees completion. Besides, the government mulls over beautification work around the locality and a 240-acre Greenfield City with smart city features.
Properties in the areas mentioned above have shown a notable annual price appreciation. Besides, many new real estate opportunities have also been created, given the rising incline towards affordable areas in the past few years. Rental yields in these micro-markets stand at around 4-6 percent, adding to their investment potential.