Delhi metro has changed the way
the city moves. But that is history! The latest feather in Delhi Metro Rail
Corporation (DMRC)'s cap is its real estate portfolio and creation of some
world class commercial properties in Delhi.
The IT PARK at Shastri Park is
one such example, which has done wonders for properties around. This unique
building which is NBC (National Building Code) 2005 compliant is one of best
intelligent buildings in the Asia Pacific region with a refined building
management system in place. Built over a land area of 6-hectares of which
1-hectare is the constructed area, IT Park' Block 1 is being taken up by
Genpact (80%) with a few other tenants such as Central bank and Heritage
Solutions, Nokia.
According to a DMRC spokesperson,
they had to fight several barriers including the location of IT Park at what
was then a down market, 'close to Seelampur' area. It was a tough job
'literally' too, as the land at Shastri Park was uneven and 7-meter below
level. To level this area, DMRC had to perform an earth-filling exercise.
However the conviction which DMRC had all along was that if an IT park could be
provided for within Delhi and that too on the metro corridor, there would be
enough takers. Still, the project has
And the result was beyond all
expectations- today there are over 3,000 employees commuting everyday to the IT
Park in Shastri Park, from various parts of Delhi NCR. There is a surge in
property demand from corporates as well and after the absorption of space in
one block by Genpact, the second one will be ready by December 2007 and will be
taken up by Accenture. Plans for Block 3 are in the pipeline and tendering is
taking place.
The rental values in this part of
Delhi here have escalated from Rs 40 per sq. ft per month to Rs 60 per sq ft per
month and additional Rs 6-per sq. ft per month is further added over the rental
value for maintenance. The coming up of IT Park has positively impacted the
Shastri Park area, and has changed the profile of real estate markets- now
malls are coming up in vicinity such as Welcome and Shahdara station. Another
positive sign for Delhi properties!
