Laxmi Nagar, Delhi
Laxmi Nagar, Delhi
About Laxmi Nagar, Delhi
| Situated in East Delhi, Laxmi Nagar is one of the prominent residential localities in the city. Lying adjacent to the river Yamuna, Laxmi Nagar was one of the areas initially developed to the east of the river. Though people started moving here in 1960s, it was authorised only in the year 1977, along with other localities such as Ganesh Nagar and Shakarpur. |
Located about 15km from the city centre, Lakshmi Nagar is one of the most populated areas of New Delhi. Its popularity stems from the fact that it lies very close to the heart of the city and prominent localities such as Karol Bagh and Chandni Chowk.
The locality hosts numerous shopping centres and a popular Tuesday Bazaar. It also has Vijay Chowk Market and Vikas Marg Market, as well as the V3S Mall. Further, Akshardham Temple is situated less than 5km from Laxmi Nagar and takes only five minutes to travel the distance.
Yet another feature of Laxmi Nagar is that it is a hub for Chartered Accountants. Over 5,000 Chartered Accountants and over 15,000 CA aspirants reside in this locality.
Connectivity and Transit Points
Laxmi Nagar is connected to other parts of Delhi by Geeta Colony Road, Marginal Bund Road and Vikas Marg. The Geeta Colony Road connects Laxmi Nagar with North Delhi and localities like Wazirabad, Silampur, and Shahdara. The Vikas Marg is a bridge over the Yamuna river which connects Laxmi Nagar with the main areas of the city.
Delhi Transport Corporation (DTC) operates buses from Laxmi Nagar to other parts of New Delhi. The DTC also has a fleet of CNG powered buses, and it has the largest number of CNG buses in the world. Apart from these buses, the DTC also has a Bus Rapid Transit System (BRTS) in place. New Delhi also has an efficient Metro system that connects several localities in New Delhi, and the cities in the National Capital Region such as Ghaziabad, Noida, and Gurgaon. The Laxmi Nagar locality also has a Blue line Metro stop on Vikas Marg Road. The blue line connects Dwarka Sector 21 and Noida City Centre, and a branch line from Vaishali to Yamuna Bank.
Major Landmarks
| DDA Sports ground · Gurudwara Singh Sabha · Lovely Public School · Arya Samaj Mandir · V3S Mall |
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Factors for Growth in the Past
Laxmi Nagar is a developing area that has recorded gradual and sustained growth. Being one of the areas developed in the 1960s, the residential front established itself alongside commercial projects. Infrastructure in Laxmi Nagar has improved dramatically over the years, and peaked in recent times, with well-laid roads and flyovers. Physical infrastructure of the locality was developed with quality, owing to the onset of the Commonwealth Games. The introduction of the Delhi Metro also added to development of civic infrastructure.
Major Challenges
The streets of Laxmi Nagar are not in good shape as road maintenance is poor. Issues with respect to sewage are also widespread. The drains in the locality get choked, and sewage overflows on to the roads sometimes. Poor quality drinking water and power cuts further adds to the residents’ woes.
Residential and Commercial Markets
Laxmi Nagar is one of the key localities in East Delhi. It is a residential area, but also contains several shops, and is a popular shopping destination for Delhiites. The East Delhi area is well connected to the heart of the city, as well as to towns such as Ghaziabad and Noida. As per the property type, there are apartments, individual houses, and several hostels.
The sale prices for the first quarter (Jan-Mar) of 2014 for multi-storey apartments in Laxmi Nagar was Rs 6600-8000 per sq.ft. The commercial end has progressed just as well with the demand for retail and office space. Rental rates for the first quarter of 2014 (Jan-Mar) were Rs 60-75 per sq.ft.
Factors for Growth in the Future
Laxmi Nagar’s strategic location, being the focal point of East Delhi, is going to propel commercial realty growth in the locality. Already, several people from across Delhi visit Laxmi Nagar exclusively for shopping. It is yet to expand into a full-fledged commercial hub – a development that is most likely to occur in the near to mid-term.
The metro stations situated in and around Laxmi Nagar are also set to attract property seekers, both residential and commercial. The metro stations, though already constructed, have a lot more development lined up in the future, most notably the building of skywalks, elevators, and walkalators. While connectivity will certainly be enhanced, the overall appeal of the locality, in terms of buying and selling property, will also increase.
