DELHI: With Gurgaon having experienced a real estate boom, the next destination that’s going to attract investors is likely to be Gurgaon Extension: the new name of fast developing Sohna Road. Close on the heels of its new Master Plan 2031, new group housing projects, townships, plotted developments and luxury projects have been announced leading to what realty experts say will result in a boom in the coming years.
Raheja Group is perhaps one of the first developers to launch its project, Aranya, on a land bank it aggregated in 2008-2009 under the old Master Plan. It is an integrated township close to IMT in Gurgaon Extension (Sohna) where a 1,700 acre industrial estate is planned by the Haryana government.
Goldsouk Group is another major player which has a huge land bank in Gurgaon Extension and will soon be coming with multiple projects in Gurgaon Extension. The Group today has over 200 acre of land bank in the area and the land bank stretches from sectors 16, 17, 18 and 25. The group very soon plans to invest and develop multiple projects in Gurgaon Extension. The group foresees a growing demand for affordable homes in and around the areas of Gurgaon.
“Gurgaon Extension is located at one vertex of the triangle with Gurgaon and Faridabad occupying the other two vertices. With Gurgaon having experienced the real estate boom, the area between the city and Gurgaon Extension is witnessing the after effects of this boom. Also, with the KMP Expressway linking NH8 to NH2, the triangle is expected to see sustained long term real estate interest,” says Ashish Gupta, JMD, Goldsouk Group.
“Gurgaon Extension or the Sohna Road and its surrounding areas display all the signs of development that a satellite area bordering a hot and happening Tier 1 zone (Gurgaon) shows. The area can be described in two segments –Gurgaon Extension 1 and 2: The first zone covers Sector 38 (Rajiv Chowk) to Sector 66 (Vatika Site) and the second one starts from the road that runs down from Universal Business Park to Badshahpur and beyond till Gurgaon Extension,” says a realty expert.
According to experts, the value of investments could double once IMT Sohna is up and running. Also, the Delhi-Mumbai dedicated freight corridor is located close by, and all the mega industrial estate and infrastructure coming up along with the KMP corridor will add more value to the investments here.
Another realty expert says, “The prospects are quite good but buyers should expect good returns only after four to five years. A good return on short-term investment is not possible. This is an emerging area and a lot of infrastructure is yet to be put in place. At the moment, the only existing attraction is Gurgaon Extension Road which connects NH 8 to the KMP Expressway.”
International Land Developers Pvt Ltd (ILD) is expected to launch a residential project by the end of the year. Avalon and Central Park are amongst the other developers planning to launch residential projects in the Gurgaon Extension belt, depending on the market conditions.