Located in the southwest of Delhi, Dwarka has emerged as a small city of its own. Its strategic location and landscape have given an extra edge to the place, and today, Dwarka has an identity of its own, apart from being a part of Delhi. Despite various issues and challenges such as security, landscape, lack of transportation, and infrastructure, Dwarka has come into its own.
The sub-city has seen massive real estate development in the last decade and has successfully proved itself to be one of the good places to live in. Its proximity to Gurgaon is the other factor responsible for the boost in real estate development. Last but not the least, the commissioning of the Metro line was the single-most important factor that contributed to the growth of the area, resulting in a largescale influx of population from allover the NCR. Metro has made the place so accessible that people can cover the distance of 32 km from Dwarka to the Yamuna Bank in just 62 minutes, covering 32 stations. This has certainly increased the popularity and occupancy of the place.
Dwarka has also witnessed growth in the retail sector, in recent years, and this trend is expected to continue. Sectors 4, 5, 10, 11 and 12 are the prime commercial areas of Dwarka. In a retail research survey conducted by Brix Research, it was found that the vacancy in Dwarka saw a drop of 30-50% in the last one and a half years. Most of the vacant shops are being occupied and the showrooms that were closed are now reopening. Under-construction projects like Raj Lakshmi Plaza, Malhan Plaza, Vardhman Bahnhof Plaza-2 and Manish Plaza are now open for bookings and are also witnessing a decent response. According to realtors, the commercial and retail sector development is dependent on the growth of the residential sector. As the nearby apartments get occupied, the neighbourhood markets also grow.
Commercial development is stagnant in Sectors 11 and 12 of Dwarka due to slow residential growth. According to Vivek Kapoor, a property dealer of Dwarka, “These markets will grow when the middle and upper class residents begin to move into the nearby apartments.”
The office space category has not witnessed much transaction in Dwarka. The place lacks in terms of Grade-A office space. The infrastructure and business investment for the office spaces is not very popular as compared to Gurgaon and Noida. This could be one of the reasons that has slowed down the pace of commercial and retail development in the sub-city. Dwarka has no commercial zone, and therefore, it is unable to attract any MNCs to set up their campuses. It has some Grade B and C offices that are mainly occupied by airlines, banks, traders, among others. Commercial values in Dwarka have witnessed a significant change in the last two years. Prices of commercial shops at Sector 6 and 10 almost doubled in Q2 2008-2009 from Q2 2007-2008. The capital and rental values of shops in Dwarka are dependent on factors like occupancy level, accessibility and footfalls. Shops on high streets have high rental values compared to the neighbourhood market.
Malls have still not developed in Dwarka. With changing times, consumers are looking for more serviced shopping options than just high streets. Vasudha Sharma, a resident of Dwarka, says, “For shopping, I only prefer Gurgaon and South Delhi malls as Dwarka hardly has any good shopping places or malls.”
Vardhman Crown Mall is the first mall that is coming up in Sector 19, Dwarka. It is designed to provide better shopping experience to the consumers and will be easily accessible through wide periphery roads. Apart from this, New Delhi’s second diplomatic enclave has been planned to come up in Sectors 26-29, which would house embassies of at least 39 nations. Several 5- and 7-star hotels have also been planned in Dwarka and are likely to be ready before the Commonwealth Games in 2010.
Dwarka is one of the green places of Delhi. The green surroundings and a pollution-free environment definitely attract people - and more and more people are convinced about the future growth of this area. Developed civic infrastructure such as drinking water, electricity, good roads, good connectivity, hospitals and schools are the other factors that make it a popular destination. Thirdly, with so many upcoming commercial and retail projects, Dwarka’s future seems to be secured and the sub-city definitely has a potential to grow in the near future.