DLF City has been touted as a real estate phenomenon that has provided an alternative address to professionals from Delhi preferring to live in the greenery of Gurgaon rather than the congested mess that is Delhi. It has been instrumental in changing the urban landscape of Delhi and succeeded in creating one of the busiest and most prosperous business districts in India. DLF City has been synonymous with the real estate boom that lasted from 2002 to 2007.
The current slowdown in the market has driven down rates of residential projects across the country,including those belonging to DLF. However,DLF City has been relatively insulated from fluctuations. Rates have been coming down in areas beyond DLF City,towards Sohna Road and Manesar. But the reductions have not been as significant in DLF City, said Jaskirat Singh Bansal,consultant with Grand Real Estates.
In Phase 1,an independent plot is currently priced at a rate between Rs 55,000 and Rs 75,000 per sq yd. Prices vary according to width of the road on which the plot is built. A Block,which is opposite the busy Mega Mall,consists of 500 square yard plots,priced at Rs 1 lakh per sq yd. In Phase 2,plots are housed on a 12 metre wide road,priced between Rs 62,000 75,000. Plots facing the pivotal M.G Road are priced at Rs 70,000 72,000 per sq yd. The asking rate for plots on Jacaranda Marg is Rs 75,000. In Phases 3 and 4,the rates are between Rs 40,000 55,000,depending upon the homes location. Most multi-storeyed apartment complexes towering over the pot-holed streets of Gurgaon,are located in Phase 4. Hamilton Court and Ridgewood Apartments are some of the prominent complexes. Rates are down to between Rs 4000-4500 per sq ft from Rs 5000 per square foot a year back. These are 3 BHK apartments,covering an area of approximately 1500 1750 sq ft. Rental rates for apartments have however taken a beating. Apartments were rented out for between Rs 60,000 65,000 a year back,while the rates are now hovering around Rs 40,000 45,000.
As a commercial destination,DLF City still remains one of the most coveted. General Electric has two office complexes,along with other top companies like HDFC and Dell. With DLF being merely 8-9 kilometres from the Indira Gandhi International Airport of Delhi,it still remains one of the most convenient locations for offices and homes. That could be one of the reasons why prices in this particular section of Gurgaon have not taken as significant a beating as in other parts or even in other projects of DLF across the country, said Bansal.
Gurgaons swanky malls remain attractions such as City Centre,Grand Mall and Mega Mall. However,the character of retail spaces is changing. Spaces that were earlier reserved entirely for retail are transforming into a combination of office and retail space. The ground floor is usually reserved for retail while the floors above are let out to offices, explained Bansal. However,the infrastructure remains poor. The surrounding semi-rural areas stand in stark contrast to the swank BMWs,which try to glide along on terribly maintained roads. The law and order situation is also worrying and there have been instances of chain- snatching and large-scale robberies. If these difficulties can be countered,DLF City can prove to be the idyllic getaway from Delhi it set out to be. With the upcoming Metro Line increasing accessibility to Gurgaon,it will cease to remain on the peripheries of the main city.