Mayur Vihar, Delhi

Phase-I comprises DDA flats, which are organized into five pockets, and the building of the Housing Co-Operative Society, including the CGHS Apartments and Hindustan Apartments. Many people look for residential units in this part of Mayur Vihar as it is considerably greener with many public parks and gardens, giving it an advantage over other vicinities in East Delhi.

The most populous and popular commercial bracket here is the Acharya Niketan market area. Here, you can find an assortment of commodities sold by a variety of brands. For a more contemporary taste, this phase of Mayur Vihar houses shopping malls such as Star City and Reliance Retail. There are also many restaurants and coffee shops to choose from.

Mayur Vihar Phase-II is divided into six pockets that contain a few recognised schools, hospitals, clinics, nursing homes, diagnostic labs, and shopping complexes. The presence of the Sanjay Jheel Park and Sanjay Lake as a famous picnic spot, frequented by many, adds to its aesthetic value. Closer to Noida, Phase-III is dominated by LIG, HIG, and MIG residential complexes.

There are many schools in Mayur Vihar, like Don Bosco, Ahlcon Public School, ASN Senior Secondary, and Bal Bhavan Public School. Banks like ICICI, HSBC, and HDFC have also opened their branches here. While most parts of Mayur Vihar are residential, the place has also become commercialised over the years. Overall, the area is well maintained and the residents are provided with most of their required necessities.

Connectivity and Transit Points

Mayur Vihar is well connected by high-frequency buses and has three metro stations, namely Mayur Vihar Phase-1, Mayur Vihar Extension and New Ashok Nagar, all of which are located close by. Cycle rickshaws, auto-rickshaws and mini-buses are also easily available making it convenient for people to travel to locations such as Lajpat Nagar, Okhla, Chandni Chowk and Noida.

The Indira Gandhi International Airport is about 27 km away, while the Delhi Railway Station and Anand Vihar Inter State Bus Terminus are 15 km away, making Mayur Vihar easily accessible.

Factors for Growth in the Past

In 1984, Delhi Development Authority (DDA) began developing Mayur Vihar as a residential area and divided it into three separate phases. The Group Housing Societies (GHS) were, and still are, responsible for developing the flats and divided them into lower middle and higher income groups.

Phase-II was designed in such a way that each flat or apartment faced a park, or a similar green belt. Because of the government’s positive approach towards developing Mayur Vihar, the year 1985 saw a slew of property being bought at very low costs. Today, with the Metro and other amenities present in the area, the prices have shot up.

Residential Market Analysis

Mayur Vihar’s proximity to the important centres of Delhi makes it a preferred residential and commercial real estate hub. When it comes to property types, apartments are the most preferred option, while builder floors and independent houses are second best. Plenty of residential project development has been occurring in the locality, but the residential market is slowly moving towards saturation.

Mayur Vihar witnessed some ups and downs in property prices in 2013. While the kick-off price for the year was Rs 12,750, the prices appreciated for most of the year and stagnated towards the end. The first two quarters of the year 2014 has seen property prices in the locality rise from around Rs 13,100 to Rs 13,500 per sq. ft. The monthly rent rates for 2 BHK apartments in Mayur Vihar would typically range from Rs 9,000 to Rs 14,000.

Major Challenges

Despite being a posh locality of East Delhi, Mayur Vihar has its fair share of problems. There are frequent power-cuts in this area. Power cuts last for five to seven hours at a stretch, at the worst of times. The race for Delhi becoming a fully developed mega city has taken its toll on Mayur Vihar.

With a multitude of Metro and road-widening constructions that keep taking place throughout the year, the roads get jam-packed with traffic, adding to the woes of the Mayur Vihar residents. The absence of coordination between the contractors and the different road agencies has made the daily commute for the residents a nightmare.

Factors for Growth in the Future

While Mayur Vihar has seen major growth in residential property in the past, the future takes a more commercial stance on development. With the entry of new residents increasing the inhabitancy rate, the demand for shopping malls, complexes, restaurants, schools, and hospitals is increasing.

Even the standard of living is on the rise, as many people are opting for up-market residential complexes like Tricone Towers, as opposed to the DDA flats that have been here for quite some time now.

The infrastructure in Mayur Vihar can be expected to transform in the coming years, suiting a more contemporary palette. Developers and builders will be placing a keen eye on the market trends and the area’s public demands, as the near future seems the right time to invest in a locality that has the potential of becoming the next up-market suburban haven of New Delhi, right after Green Park, Hauz Khas, and Greater Kailash.