New Delhi's Real Estate Boost
New Delhi, the spirit of India, serves as the national capital and a hub for political, social, and artistic activities. Despite rising costs and a growing population, property in Delhi remains in high demand. The capital city has seen tremendous growth over the past few years, making travel more fluid and efficient. With the upcoming refurbishment of New Delhi Railway Station, Connaught Place (CP) is set to receive nearly 2.5 million sq. ft. of advanced commercial real estate supply in the coming quarters.
Railway Station Redevelopment
The Railway Ministry plans to renovate approximately eight million sq ft of the New Delhi Railway Station. According to Ved Parkash Dudeja, Vice Chairman of the Rail Land Development Authority (RLDA), the project designer will be permitted to use 2.5 million sq ft for commercial purposes. Consequently, Connaught Place, a bustling business center in New Delhi, will have over two million sq ft of new commercial space in the near future. The authority oversees the development of vacant land for commercial use.
Funding the Project
Sources indicate that the entire project will be funded through the revenue generated from the commercial development. While the total cost of the project is estimated at Rs 7,000 crore, the authority plans to invest Rs 4,500 crore towards the redevelopment of the station and essential offices for railway operations.
Market Forecast
According to a recent report by CBRE, Delhi NCR, alongside other markets like Bengaluru and Hyderabad, is expected to dominate commercial real estate in 2020. While development in Bengaluru and Hyderabad is predicted to focus on peripheral areas, Delhi NCR is likely to see new supply in core regions as well.
