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By ronitkumar | July 3, 2008
Not withstanding the emergence of mall culture in
Delhi, Karol Bagh still remains the much sought-after shopping destination, and records more footfalls than any other shopping centre in the city. Welcome to Karol Bagh. Filthy, crowded, squalid and congested; but undoubtedly the biggest and the most famous market of Delhi since the traders from west
Punjab established it in the heart of the city in 1950. Meant for all classes, proximity to metro station, railway station and the airport makes this place a shoppers’ paradise. Flanked by residential areas like Patel Nagar and Rajinder Nagar, Karol Bagh covers approximately 30.65 sq km.
Ajmal Khan Road
, well-known for shops of retail and wholesale garments and imported items, is the high street of this traditional market. Also, it is renowned for housing the oldest commercial complex, one of the country’s largest two-wheeler spare parts wholesale markets, adjacent to Naiwalan area.
It is flanked by MCD-owned Ghaffar Market, infamous for smuggled goods; Bank Street, famous in the country for intricate gold jewellery shops, and Arya Samaj Road, known for its secondhand and inexpensive book market. New entrants Over the past couple of years — besides desi retail outlets like Roopak Store, famous for spices; Ram Chandra Kishan Chandra, famous for garments, and Gujaralsons — several international brands, Westside, McDonalds, Woodland, Levi’s, Spykar Jeans, United Colours of Benetton, Uni Style Image, Raymonds and Park Avenue, have entered this market. “There are international brands here, but customers come to Karol Bagh because of the traditional shops where they can bargain a lot,” says Praveen Khandelwal, president of Traders’ Association Delhi. According to Praveen, international companies are here to promote their brands; they cannot replace the traditional market. Also, several new magnificent multi-storey jewellery shops like PC Chandra Jewelers and Khanna Jewelers have come up in
Bank Street
, which is known for sheltering small traditional jewellery shops.
Moreover, many other retail chains have already started scouting for space in this jam-packed market. “It is a well established market and we get crowd,” says a
Woodland executive. Facelift planned The Urban Development Ministry and Delhi Development Authority (DDA) have mooted a plan to give a facelift to the congested
Ajmal Khan Road
to give it a mall-like look; equipped with all modern facilities. The traders will be shifted to a shopping avenue. The step is taken in view of 2010 Commonwealth Games.
Small traders, however, fear that redevelopment plan is a part of the strategy to make way for big multinational brands into this bazaar. After the sealing drive, Karol Bagh is placed in the special zone category, which means there will be no sealing drive conducted in this area for the next three years. The government, meanwhile, will redevelop this area and relocate all the traders, who have been doing business mostly in illegally occupied places for many years. “If the area is redeveloped, it will be a boon for us,” says Manoj Kakar, a jeweller in
Bank Street
, who himself needs to file affidavits to regularise his place.
After the sealing drive, however, the traders have lost the trust in government policies. “We are one of the highest tax paying streets and we get nothing in return.” says Jinny, manager of Gujaralsons, an exclusive men’s ethnic wear shop on
Ajmal Khan Road
. “Now, we are looking forward to the redevelopment.”
The renovation will make shopping much more convenient for people, and customers are happy with so many international retailers entering here. “Earlier, we came here only for traditional and reasonable items. Now, we can find everything here. It is more convenient than the malls,” says Veena, a housewife. Skyrocketing property rates Indeed, the facelift will boost the retail market in Karol Bagh, attracting many more brands to the high street. But, the redevelopment plan has already skyrocketed the retail property capital value and the rental rates to a new high. The commercial property rates on
Ajmal Khan Road
have gone up from Rs 100-150 to Rs 300-350 per sq ft. On the
Bank Street
the rates are around Rs 200-250 per sq ft and on the
Arya Samaj Road
they loom around Rs 250-300 per sq ft. The rates on other streets are also increasing steadily like on Padam Singh Road and Hardhyan Singh Road it is Rs 150-200 per sq ft, market rate has increased more then 40%-70% within last two years. “Entry of new retailers has increased the market value of the property,” The current capital value in the area varies approximately from Rs 25,000 to Rs 30,000 per sq ft.
But, no hitches and glitches can stop the vibrancy of the market, as the gleaming stores in Karol Bagh never intimidate customers; rather they invite more and more people to join the caravan of shoppers. “We hope that the government will soon renovate this place,” concludes Veena. Courtesy Realty Plus
Topics: Business |
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