Young Builders Secures Prime Delhi Metro Land for Residential Development
In a significant real estate transaction, lesser-known firm Young Builders has successfully acquired a 2-hectare land parcel from the Delhi Metro Rail Corporation (DMRC). The plot, located at the Vishwavidyalaya metro station in North Delhi, was secured for Rs 220 crore through a competitive auction process. The site, currently utilized for parking, is slated for the development of a substantial residential complex.
Young Builders secured the land on a 90-year lease, gaining access to an estimated developable area of 3.5 lakh square feet. This acquisition translates to an approximate land acquisition cost of Rs 6,200 per square foot for the developer. The strategic location and scale of this project are anticipated to influence property values within the vicinity.
Impact on Nearby Property Values
This acquisition has the potential to influence market dynamics in the area. Existing residential projects in the vicinity, such as Parsvnath Developers’ residential project near Vishwavidyalaya metro station, are currently being sold at approximately Rs 10,000 per square foot. The competitive pricing of the upcoming Young Builders project may place pressure on existing projects to adapt their pricing strategies or enhance their offerings.
This development underscores the continued demand for residential properties in strategically located areas with access to public transport. The Vishwavidyalaya metro station's connectivity and the planned amenities within the residential complex are expected to drive interest and potentially influence property valuations in the surrounding North Delhi region.