As an established industrial area, Narela has strong economic drivers. Brix Research finds that demand is higher for privately developedresidential properties and it only needs a good transport link to boost its prospects.
Narela is an authorized industrial area of Delhi. It appeared on Delhi’s real estate radar when Delhi Development Authority (DDA) constructed flats and sold them through draw of lots. However, that did not make it a hot investment destination. The overall property boom of 2007-2008, which led to an unprecedented rise in property values across Delhi, impacted Narela too. After the economic slowdown, when focus shifted to affordable housing, even private developers are investing here to create middleclass housing. With a rise in demand for residential real estate, demand for commercial property too has started increasing.
Being part of NCR, Narela is free from water and electricity woes. The only problem area is connectivity and transport facilities. When Delhi Metro’s march towards Panipat finally comes through in 2020, Narela would benefit in terms of Metro connectivity. It is 12km from Rohini and 3km from Kundli – both well-known real estate destinations with a number of private developers active in both areas. Private developers like Vardhman and Ansals API have established their base in Kundli.
The 135-km Kundli-Manesar-Palwal (KMP) Expressway project is currently under construction. This will be one of the longest expressways in the country and is being developed by the Haryana State Industrial Development Corporation (HSIDC). This project is expected to throw open a large area for real estate development as well as transform the adjoining areas into economic hubs. Narela is expected to benefit from this activity.
Rohini is already one of the important realty sectors of West Delhi. Residential and commercial sectors of Rohini are well developed and in demand. With the Delhi Metro already operating here, many end users are buying for self-use. Rental values too are holding.
DDA launched residential apartments and plots in Narela in 2008. In December 2009, allotment letters were finally distributed. This has led to end user demand. However, demand is more for private colonies promoted by private colonizers in the vicinity.
Narela Residential sector
The residential segment of Narela is still under development. Property values are still reasonable compared to other Delhi NCR regions. DDA sectors or blocks are struggling to find buyers. I have a few clients in Narela who want to sell their DDA flats. But they are not finding any investor or end user who can purchase that property. Narela is a developing locality where it will take another 3-4 years for users to be able to stay in comfortably.
Narela’s residential property is divided into different sectors -A-6 to A-14. Plots are available in A-5, A-6, A-8 and A-9. These plots are of 32 sq m, 120 sq m and 334 sq m. They come with price tags between Rs 20,000 and Rs 41,000 per sq m. A 2BHK builder floor with a covered area of 960 sq ft is available in the price range of Rs 30 to Rs 35 lakh and a 3BHK builder floor with an area of 1,300-1,500 sq ft is going for about Rs 40 to Rs 45 lakh.”
Other residential properties in Narela are :-
1. Residential plot costing approximately Rs 4 crore with a plot area of 4.5 acres
2. A 1BHK multistorey apartment is available for Rs 12 lakh with a covered area of 396 sq ft
3. A 2BHK residential house with a covered area of 440 sq ft is available for Rs 1.20 lakh
Narela Commercial sector
Narela is a well-settled industrial sector. Atlas Cycle Industries Ltd, AK Auto Industries and Micron Industries are some of the major occupants. The retail segment of this locality is yet to make its mark but is improving with the increase in demand. Shivam Bazaar I and II are well-developed retail markets. The price range of retail units is about Rs 2,500 to Rs 3,000 per sq ft. The rental values are Rs 15 to Rs 25 per sq ft. Capital value of office space is in the range of Rs 3,000 to Rs 5,000 per sq ft and the rental value Rs 15 to Rs 20 per sq ft.
Conclusion Narela is one of the last upcoming localities with a Delhi address in North Delhi. It is an established industrial area, and therefore, has economic drivers and latent demand. If planned infrastructure and good transport connectivity is provided, Narela could become another hot real estate destination of North Delhi.