DELHI: New Gurgaon — well connected to NH-8, the forthcoming Kundli-Manesar-Palwal Expressway, and Dwarka-Gurgaon Expressway—has brought fresh supply of units for people looking to invest in residential and commercial real estate. And, the residential property looks especially attractive here owing to the affordable rates.
The developing new sectors of Gurgaon have caught the fancy of most of the top developers. The multi-directional developments in terms of infrastructural and commercial activities have promoted the residential segment, which ranges from affordable to high-end, from low-rise to high rise apartments, tall condominiums, and penthouses and villas.
Why New Gurgaon
Buyers investing early in the region will have the first-mover advantage if they make their deals now.
At present, the sectors with mixed development offer big as well as small spaces. While rates are still in the affordable range, it is likely that prices will move up in near future, as several projects are nearing completion.
There has been a slow but steady infrastructural development in areas like Sectors 80, 81, 82, 84, 85, 86, 87, 89A, 90, 91, 92, 93, and 95 in the New Gurgaon region; there has also been a suddenspurt in commercial activity in the recent past. The BPO and IT revolution in the area has supported high purchasing power.
A good aspect of this area is the proposal Huda to allow developers do the sector roads.
Another factor is the proximity of these areas to the Dwarka-Gurgaon (link) Expressway, which will help the residents here bypass the traffic at Gurgaon toll near Delhi during peak hours. The developing sectors are also well connected to NH-8, KMP Expressway, and are close to the Metro corridor; the IGI airport is on a 25 minute drive from this region.
Developers have shown keen interest in bringing up new projects in this area and this has triggered fresh demand in these regions. Prominent builders like DLF Ltd, Ansal API, Raheja Developers, Godrej Properties, Vatika Group, Alpha G:Corp, ATS Group, Assotech Ltd, Supertech Ltd, Bestech, Orris Infrastructure Pvt Ltd, etc, have several projects in this area.
Realty projects in New Gurgaon
Most commercial projects coming up in the region cater to the IT/ITeS sector or offer a mix of retail and office space within the same premise. DLF has DLF Garden City, an integrated township on 600 acres in Sectors 81 to 95.
The project is adjacent to the sprawling 1,000 acres of reserved greens and this is expected to boost the demand of this residential destination in New Gurgaon.
Garden City has been designed by Hafeez Contractor. The township comprises premium residential projects-The Ultima, The Primus, TheSkycourt, Regal Gardens, Select Homes, and New Town Heights-with over 100 acres in plotted scheme. The landscape designing is by GCH, a landscaping firm from the US. Garden City and will also have a commercial complex, Galleria 91. Galleria will house multiplexes and anchor stores. There is a provision for institutional sites like primary schools, nursery schools, and nursing homes in this project.
Vikram Datta, VP (marketing) of DLF, says: “It is DLF’s commitment towards providing safe and hassle-free living to all the residents through well-structured township management, which has led to the development of schools, a recreational club, a commercial complex, a multiplex, manicured gardens, a hospital, 84-metrewide sector roads, and various amenities and facilities for the residents before they move and settle in the township.”
Godrej Properties has a development agreement with Oasis Buildhome Pvt Ltd for a project over 13.76 acres on Northern Peripheral Road (NPR) in Sector 88A-89A, Gurgaon. The project will be developed as a premium, residential group-housing project and is expected to offer 1.2 million sq ft of saleable area. The company is currently developing two residential projects in Gurgaon, Godrej Frontier and Godrej Summit.
Vatika Group is developing Vatika India Next, a township project on 700 acres in Sectors 82, 82A, 83, 84, and 85 along NH-8. The project offers plotted development like floors and villas. Vatika Group is also developing Vatika Express City, an integrated township in Sectors 88A, 88B, and 89A. The township is over 300 acres and well connected to Dwarka-Gurgaon Expressway.
Orris Infrastructure has nearly 1,200 acres of land bank in this area (Sectors 82A, 83, 85, 88, 89, 90, and 93). Amit Gupta, MD of Orris Infrastructure, says: “The sector is currently facing a number of problems. High inflation, rising cost of raw materials, high interest rates, and a continuous fall in the rupee value in the past have all been slowing the overall growth of the sector and have continuously hindered the investment sentiment within the market. Regulatory hurdles and policy impediments have hurt investment and buying sentiment and also delayed a number of projects within the property market.”