Green Park is a thriving micro-market in south Delhi, featuring upscale residences and high-end retail establishments. It stands out as a well-developed locality, characterised by a vibrant cosmopolitan culture. The area is bifurcated into Green Park Main, which serves as a commercial hub, and Green Park Extension, which is primarily a residential zone. Green Park has become a coveted destination for relocation in Delhi, with many high-end residential projects enhancing its allure. Boasting essential amenities, robust infrastructure and seamless connectivity, Green Park appeals to both property investors and home seekers. This article explores the circle rates in Green Park, Delhi.
See also: Delhi circle rate in 2023
What are circle rates?
Circle rates, also referred to as ready reckoner rates, represent the minimum value at which a property can be registered during a sale or transfer. In Delhi, these rates are set by the Delhi Development Authority (DDA) and are subject to periodic revisions by the authority. It’s crucial to note that distinct localities within the same city may have their own circle rates.
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Circle rates in Green Park Delhi
To ensure consistency and efficiency across the city, the Delhi government has classified properties in Delhi into eight categories, labelled from A to H. The most prosperous districts in Delhi belong to Category A, whereas Category H includes areas with the lowest property values in the city. Green Park falls into Category B, with a circle rate of Rs 2.46 Lakh per square metre.
| Circle rate per square metre | Residential construction cost per square metre | Commercial construction cost per square metre |
| Rs 2.46 Lakh | Rs 17,400 | Rs 19,920 |
Real estate trends in Green Park Delhi
Green Park is an upscale neighbourhood in South Delhi. Here are the locality’s key real estate trends:
Green Park Delhi: Connectivity
Green Park is a strategically positioned locality with convenient access to various transportation hubs. The area is bordered by four major roads on all sides: Inner Ring Road, Outer Ring Road, Aurobindo Marg, and Africa Avenue. Additionally, it is well-connected through the Green Park Metro Station (Yellow Line) of the Delhi Metro. The nearest railway station is Hazrat Nizamuddin, approximately 10 km away (20 mins), with the New Delhi Railway Station situated at a distance of 11 km (20 mins). The T1 terminal of the Indira Gandhi International Airport is around 12 km from the locality, and T3 is 16 km away.
Green Park Delhi: Infrastructure
Green Park boasts excellent physical infrastructure, characterised by wide roads and a 24-hour electricity supply, all set against a backdrop of abundant greenery. The neighbourhood is home to several excellent schools, including DPS RK Puram and Apeejay School. It enjoys proximity to some of Delhi’s premier hospitals, such as AIIMS and Safdarjung Hospital, and hosts a variety of popular dining venues like Molecule Air Bar and Drums of Heaven. Green Park features well-maintained parks in all blocks and is adjacent to the renowned Deer Park in Hauz Khas, Rose Garden and District Park. In essence, Green Park’s vibrant social infrastructure offers a diverse mix of facilities catering to various basic needs.
Green Park Delhi: Residential real estate
Green Park Extension, the residential segment of the locality, features numerous villas, bungalows, and spacious residences. Many high-end residential projects are currently in progress in Green Park, providing a diverse mix of housing options, including expansive stand-alone residences and villas. This area is experiencing significant growth with the emergence of new low-rise developments, encompassing individual properties and builder floors. The residential property values in Green Park have been rising steadily and are expected to continue growing.
Green Park Delhi: Commercial real estate
Green Park Main, the commercial district of the locality, encompasses a shopping complex, a market, and a variety of restaurants, both large and small. The area hosts several vibrant shopping destinations, including Ansal Plaza, Southern Park Mall, MGF Metropolitan Mall, DLF Place, and Square One Mall. It is close to key social and retail hubs in Delhi, such as Dilli Haat, Hauz Khas Village, SDA market, and Safdarjung Enclave. The nearest office hub from Green Park Extension is Bhikaji Cama Place, situated three km away. Additionally, the locality is less than five km from Nehru Place, a prominent commercial centre and business hub in south Delhi. Connaught Place, a major financial and business district of Delhi, is located within a radius of 10 km from Green Park.
Green Park Delhi: Price trends
There are several residential properties in Green Park available for buying and renting. The average price of houses in the locality is Rs 35,827 per square foot (sqft), while the average rent is Rs 72,648.
Why invest in Green Park Delhi?
While the cost of living in Green Park may be higher as compared to several other areas in Delhi, the standard of living is unparalleled. Green Park stands out as a more upscale locality than nearby areas, such as Lajpat Nagar and Nizamuddin. The region boasts many high-end villas and residences, catering to those with a penchant for luxury. Green Park is favoured as a residential area not only for its plethora of facilities but also for its seamless connectivity to almost all parts of Delhi. The social infrastructure further enhances the appeal of the area, making it a coveted residential and commercial hub with shopping destinations, banks, restaurants, hospitals, recreational sites, schools and more. With numerous new residential projects underway, now is the time to consider and make a move to relocate there.
FAQs
How is property value determined based on the circle rate?
Property value is calculated by multiplying the circle rate in the area by the property's built-up area in square metres.
What happens if the market value is lower than the circle rate?
If the market value is lower than the circle rate, the property must be registered based on the higher value, which is the circle rate.
What is the stamp duty value?
Stamp duty is calculated by taking into account various factors, including market value, transaction value, or circle rates set by the local government.
What factors influence the circle rate of an area?
Circle rates depend on various factors, including the location of your sector, infrastructure, amenities provided, and economic factors.
What is the circle rate for flats in Delhi?
The circle rate for flats in Delhi ranges between Rs 23,280 and Rs 7.74 Lakh.
Which area in Delhi is considered the most expensive?
In terms of property prices, some of the most expensive areas in Delhi include Lodi Road Industrial Area, Nehru Place, Maharani Bagh, New Friends Colony, Vasant Vihar, and Shanti Niketan.
Is it mandatory to pay house tax in Delhi?
Yes, property tax payment is compulsory in Delhi for all property owners.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
