In the bustling area of Delhi, shopkeepers are now confronted with monthly rents ranging from Rs 1.5 to Rs 2 lakh for two compact shops, each measuring 600 square feet. According to these tenants, property rates near completed Metro lines have surged by 10 to 15 percent, with landlords optimistic that prices are set to climb even higher.
However, residents along MG Road express concern regarding the sustainability of these price hikes. Many believe that this increase is merely a short-lived phenomenon, predominantly influenced by the forthcoming Delhi assembly elections, which are slated for later this year. They worry that the post-election period may usher in a renewed sealing drive, nullifying any gains in property prices, as the prospect of demolitions looms large. The fear is palpable; potential buyers are hesitant to invest in areas marked by the recurring threat of sealing operations, which regularly dismantle existing constructions.
Amidst this uncertainty, some shopkeepers have opted to absorb the rising rents, even considering relocation from MG Road. Deepankar Chaudhary, who runs a carpet showroom, highlighted his predicament, stating, "I have invested lakhs in furnishing this showroom and if I have to remove all this, my investment would go waste."