Defence Colony or `Def Col', as the locals call this area, is one of South Delhi's poshest colonies, known for the great lifestyle options it offers. You would be surprised to know that some years back nothing m for some bungalows owned by defence officials.
Today, Defence Colony has transformed into an extensive residential area occupied by the elite class. What adds to the attractiveness of this location is the fact that it is close to Lajpat Nagar, Lodhi Colony, South Extension and Greater Kailash I.
A major reason for many to live and invest in Defence Colony is that it is easily accessible by all means of public transport, including autos, taxis, buses as well as the Delhi Metro. One of the safest localities in the city, Defence Colony is secure within boundary walls with multiple gates, limiting entry and exit. Till some time back, this was a heavy traffic zone for a number commuters who wanted to cross over from South Extension to Lajpat Nagar. Now, however, thanks to the flyovers, things have eased considerably.
The fact that Defence Colony is a very premium locality in Delhi obviously translates to very high property prices. According to Sanjay Sharma, Proprietor SM Realtors, “The real estate market here has always been on a high. So much so, that even a market slowdown is not likely to affect the market. The values here are so high that major transactions involving crores of rupees are very limited due to shortage of new supply.“ Less volumes could be credited to the fact that this market has limited space and also because there are no new developments taking place. Those who still manage to buy, say real estate agents, are the moneyed class that doesn't mind paying the price for the address for its snob value.
A rented house in the locality is available in the range of R90,000 to R1 lakh per month. There are two and three BHK houses available. Taking up a property on lease is a costly affair here, with rates comparatively higher than those of the surrounding colonies.
Commercial activity is also on an upswing, with a shop available on lease at R39,000 per sq ft, which is a huge price to pay.
The capital rates range from R20,000 to R50,000 per sq ft. The rates depend on the number of rooms and the location. A number of builder flats are also available here; their costs range from R4 crore to R7 crore. In case one wants to own a shop in Defence Colony, the current rate is R40,000 per sq ft.
If we compare the psf rates of Defence Colony with the neighbouring colonies of Vasant Kunj and Greater Kailash, there is a huge difference in the prices. The average psf rate for residential accommodation in Vasan Kunj, is R11,000 and for GK it is R13,000. In GK the psf rate for a shop can be anything from R4,000 to R70,000.
Rentals for a shop are aroun R100 to R600 psf. There are plenty entertain ment options available in Defence Colony; the local market caters to everyday needs of the residents. It has various clothing brands, gift galleries, restaurants, pubs and parlous. Apart from tha Defence Colony has parks, schools, colleges and institutes of higher education institutes. It doesn't matter i the prices are sky rocketing or falling; this place will continue to be one of the most sought-after areas in South Delhi.
