Property prices have shot through the roof on MG Road.
For two small shops of 6,000 square feet each, shopkeepers now pay something between Rs 1.5 and Rs 2 lakh per month. According to the tenants, there has been an increase of 10 to 15 per cent in the property rates here. Once the Metro line is ready, landlords say property prices will rise further.
"We did not get any rents for about two years. Now that desealing has taken place, it is natural that property prices are going up," said Vijender Kumar Lohia. But the landlords are also worried about the future.
"What if the shops are sealed again? May be this is a temporary sop in an election year (Delhi Assembly elections are due later this year)," said Lohia.
Some shopkeepers still prefer to pay the increased rents than shift from MG road. "I have invested lakhs in furnishing this showroom and if I have to remove all this, my investment would go waste," said Deepankar Chaudhary, who runs a shop selling carpets.
Many have hike the prices of goods to cover the high rents.
By: HT, 12-04-2008
