TRAFFIC AFFECTS RENTALS | zameensantosh's Blog

Many areas in South Delhi along the Outer Ring Road have taken a hard hit owing to development work along the stretch, and rentals have plunged here, ET Realty reports

Long and unending traffic jams, now even on public holidays, are taking the sheen off some of the better-known posh South Delhi colonies, especially those close to Outer Ring Road. This when only a couple of years ago there were hardly any bottlenecks one would encounter along Outer Ring Road. As construction work related to Metro Rail, flyovers, and widening of roads go on and on along Outer Ring Road, this whole activity is forcing high-profile tenants out of areas like Panchsheel park, SDA, Hauz Khas, Mayfair Garden, among others.

New tenants are also avoiding such places in their search for new rented accommodation. Everybody will testify that if one were to drive to any of these places from CP for some work, then one would encounter traffic snarl-ups and jams at Defence Colony, BRT corridor, Asian Games Village, apart from routine heavy traffic. And if it rains or there is some mishap along the way, then it is an extended session on the road. Right from Nehru Place to R K Puram, the stretch is badly affected due to chaotic scenes on Outer Ring Road - and the worst part is nobody can say when things will settle down. Realty expert Anil Makhijani of Mak Realtors presents a very grim picture of the whole scenario. According to him, there used to be a veritable rush of people, always on the lookout for accommodation in areas like Panchsheel Park, SDA, Hauz Khas and Mayfair Garden - even as recently as one-two years ago. "You cannot say the same thing for all these areas now, as well as other colonies close to Outer Ring Road - all because of the massive traffic woes. Those who have no option but to take the Outer Ring Road to reach their office or home suffer the most due to the snail pace of traffic and the daily jams," says Makhijani.

Naturally, in order to save themselves from such a messy situation, many tenants staying in areas close to the dreaded Outer Ring Road have moved to areas like Defence Colony, Lajpat Nagar-3, South Extension, and Safdarjung Enclave in recent months. As for those who have offices in either Gurgaon or Noida, they have either shifted or are thinking of moving houses.

Meanwhile, a realtor says the rentals have never seen such a dip in these colonies. If realtors are to be believed, the average rent in these places has come down by up to 25% to 30%. It is a big fall by any standards. Another realtor Pradeep Mishra of Sainik Estates says there are many residents in colonies all over Delhi who run their household from rental income and they are sure to be affected if they don't get rental income on a regular basis.

Courtesy: - ET Realty dt: - 02-10-09