Connaught Place Giving the Way for New Structures

April 19, 2007	(2 votes, average: 1 out of 5)  Loading ...
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Regal has always been looked upon as one of the major landmarks in the Capital’s heart, Connaught Place. However, it now seems to have lost its glory among the newly developed multiplexes that are fast taking over the city.

With its unique contemporary Indian architecture, Regal has always let the audience to watch the movie and enjoy it in a conventional way. It was also considered an entertainment venue for the rich and upper middle class. Regal has been sold but the owner denies giving out any detail about the buyer.

Take over of Regal has come as no surprise but it has just reinforced the changed reality. The same is witnessed by Odeon which has been replaced by Adlabs and PVR bought Rivoli and Plaza before that. Old things are paving the way for new and are quite acceptable nowadays.

Likewise, the Gaylord Restaurant, located in the Regal Buildings in Connaught Place, is bought by a real estate agency recently.  Though, Gaylord is one of the famous international brands that enjoy strong presence in the US and Europe, but the CP restaurant that lent it its name is no more.

Standard, that featured a ballroom and a favorite of famous people will be soon take over by an MNC food court whereas Nirula’s has come to a single floor in K block.

Big brands are all set to flaunt in CP by succeeding the old ones. The prices of commercial property in CP have now climbed to Rs 1000 per sq ft. Rentals in CP are also seeing a healthy appreciation. Monthly rentals for some showrooms have already touched Rs 25 lakh in the inner circle and an international bank has signed a whopping Rs 74 lakh per month rental deed.

The only old timers that show welcoming attitude towards changers are able to exist in CP, says Atul Bhargav, president of the New Delhi Traders Association. He runs a Park Avenue showroom where once his father had opened Noves Dry Cleaners in the 1930s.

News Published Under:   Delhi |

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