DELHI: National Highway 8 has been playing a crucial role in catering to the people coming from all corners of the country by facilitating the growth of commercial and residential property investments along this stretch.
Realty projects under construction along NH-8 cover a stretch of 15km through Haryana and present multiple options for investors in search of early-bird investment opportunities.
Residential property prices on Southern Peripheral Road connecting to NH-8 have seen a remarkable appreciation over the past few months. This location holds great investment potential due to the enhanced connectivity that NH-8 provides to Manesar and Dwarka.
As prices soar in new locations of Gurgaon like Dwarka-Gurgaon Expressway, Golf Course Extension Road, and Main Gurgaon Sohna Road buyers have started looking at these alternative locations.
The Delhi-Mumbai Industrial Corridor (DMIC) along NH-8, where multiple Special Economic Zones (SEZ) have been approved by the government of India, is attracting foreign direct investment (FDI) in real estate, information technology (IT-ITeS), automobile, glass technology, etc, from Japan, Singapore, Malaysia, the US, Korea and China.
It is estimated that these emerging industries will attract skilled and semi-skilled working population of nearly 1.5 million from different parts of the country and abroad. Honda Motors, Asahi, Saint Gobain, and Musasi have already set up some of largest car and glass plants of the world along this corridor. American companies like Becton, Dickinson and Company, and Hollisters also have plans to mark their presence and invest in this zone.
Today, the residential subsector is growing rapidly and the urban population of India is expected to touch 590 million by 2030. Therefore, in order to meet the future demand regional players are expanding to achieve a pan-India presence.
EMAAR MGF’s Palm Hills is a large, master planned, group-housing development with parks and landscaped greens in Sector 77, Gurgaon, on NH-8.
The project has a built-up area of 3.32 million sq ft, and a saleable area of 2.646 million sq ft. Palm Hills has 1,513 flats in the 3- (1,450 sq ft) and 4BHK (1,950 sq ft) format with flexible floor plans. “We have launched Phase 1 of this project over 25 acres, which includes 55 towers, two schools (nursery and primary), EWS housing, a clubhouse, and a commercial complex. The project was launched at Rs 3,200 per sq ft, which has now appreciated to Rs 7,000 per sq ft. The construction started in February, 2011 and the project is expected to be delivered in early 2015,” a spokesman of the firm said.
Palm Gardens, by the same group, is a residential integrated community built over 22 acres in Sector 83 along NH-8. The project has 12 apartment towers planned around open landscaped spaces, with 1,026 apartments on offer in the 3BHK, 5BHK, and duplex format. The development also includes a golf putting range, two schools, and EWS housing.
Alpha G:Corp is developing Gurgaon One, a premium, eco-friendly residential development over 12.5 acres in Sector 84, Gurgaon. It has 670 units divided into seven independent towers with 2-, 3-, and 4-BHK options in the size range of 1,181-3,194 sq ft. This is next to the proposed 150-metre-wide expressway connecting Dwarka to NH-8; it is 6.5km from Rajiv Chowk, 2.5km from the Metro Hub and ISBT, as shown in the Master Plan of 2021. The strategic location of Gurgaon One puts it in the centre of residential, industrial, and commercial growth in New Gurgaon.
Prodipta Sen, executive director and head of marketing and retail, Alpha G:Corp, says: “Gurgaon One will see some radically green construction methods that are beginning to gain ground the world over. All the planned green features and specifications in Gurgaon One, Sector 84, have been duly incorporated in the elevation plans by the architects, Arcop. Having received the highest possible ‘gold’ rating for a residential project from the ministry of environment and forests, the project is now gearing for a LEED (Leadership in Energy and Environmental Design) rating, an internationally accepted green building certification system.”
The 1,483km-long Delhi-Mumbai Industrial Corridor, which lies on NH-8, is one of the prime factors helping attract buyers and investors to this region.
The project is being developed by the government of India, in collaboration with the Japanese government.
The developing zone is expected to bring in close to $90 billion dollars along its entire stretch. The DMIC along with NH-8 is expected to give a major boost to industrial and economic investments in the whole area.
The investment regions and areas along NH-8 being developed under the DMIC include Manesar-Bawal Investment Region (MBIR) in Haryana and Khushkhera-Gurgaon-Neemrana Investment Region (KGNIR) in Rajasthan.
These regions have multiple drivers of economy-a series of central-aided and standalone state government projects have been initiated in this region that are expected to give a major spurt to the infrastructure and economy of not only this region but the entire NCR.
One report estimates that there would be job opportunities for 22 lakh people by 2017 in this zone.