Saket The name Saket in Sanskrit means a place close to heaven.
This upmarket south Delhi residential locality could also very well be the next best thing to paradise for the thousands of mall rats who invade the place every day for retail therapy as Saket has also developed into a `mall hub' of sorts.
The PVR Complex has a variety of coffee shops, restaurants and fast-food joints.
Others such as Select City and Ambience Mall attract premium buyers. Schools, colleges, entertainment zones, medical facilities and recreational zones are also easily accesible. Residential options include plots, DDA flats, apartments, independent houses and bungalows.
The average capital prices were in the range of R2700 per sq ft in 2005 and gradually increased to R7550 per sq ft in 2011, primarily for old houses. Capital prices for this category experienced a hitherto unknown high in the last quarter of 2010 when they touched R11,900 per sq ft but stabilised at slightly lower levels thereafter. Rentals have been a bit more stable in the range of R24,400 a month for a 3BHK in 2007 to approximately R30,000 in 2011. Rentals are averaging about R23,000.
The Metro has changed the face of Saket, shaking up the market and boosting property prices. Anirudh Sharma, proprietor of Saket-based Dream Property, says, “The real estate market has grown in leaps and bounds with the advent of the Metro.“ Rental and PG accommodation play a major role in the market.
“With many education institutes and offices in the vicinity, many people prefer to rent and so the market is booming,“ he adds.
In some complexes shops are available for lease in the price range of R100 per sq ft to R150 per sq ft, while in malls, a shop is leased at R150 per sq ft to R200 per sq ft.
“The resale market is also seeing an upward trend,“ says Sharma. Capital rates range from R14,000 to R30,000 per sq ft (for builder apartments) while a 3BHK bungalow would cost more than R7 crore. Rates of DDA houses here are less as compared to multi-storeyed buildings. Owning a shop in Saket can be expensive as one would have to shell out R29,000 to R39,000 psf.
