Most of the city’s popular, and relatively up-market, shopping areas lie towards its south. From Jorbagh to Defence Colony, Greater Kailash to Khan Market, the high demand for commercial space in these areas is an important factor in pushing and maintaining even prices of residential spaces in the higher bracket. South Extension, or as it is more popularly known, South Ex, is no different. Behind the shopping blocks on either side that face out on to the Inner Ring Road lie residences of almost every type conceivable.

Explains Balrang Singh, a local property agent operating in the area for nearly 10 years, “South Extension is an old residential area, but one wouldn’t realise it with all the development that’s taken place. With the development of one of the poshest markets in all the city right here, properties are also changing face. In South Extension – II, there are well planned roads, not much problem with parking and grand bungalows and villas.” There are also newer developments in Part II, which Singh explains, are builder apartments. “The prices of builder floors range from Rs 30 lakh to Rs 75 lakh for a 2-bedroom to a 4-bedroom apartment. Some plots are so large that builders have been able to build two apartment blocks on the same property,” he says.

An agent working with Mahajan Associates says, “There are 6- to 10-bedroom bungalows that are now in the market. A two-storeyed bungalow with a basement, garden, three-car garage, servants’ quarters, and all the very best amenities was sold by us for close to Rs 2.5 crore.” But why would owners want to part with bungalows that see so grand? Is there no further scope for appreciation? The agent explains: “People here have also invested in bungalows or apartments in townships, or have freehold plots that they have developed, in the outskirts of the city. At some point of time they decide that South Extension isn’t what it used to be and move out. There is definitely scope for prices to move up. There isn’t much space left in this part of south Delhi, where else will prices go but up.”

... contd.