Real estate market looks up in Greater Gurgaon
Feb 20, 2014
Source : The Times of India

 

DELHI: Located 24km from Gurgaon city, Greater Gurgaon, the newly-notified area in the new Master Plan, is the new marketing name for Sohna Road. Currently, Greater Gurgaon is registering a boom in the real estate market with supply keeping pace with demand; experts even say the area is all set to emerge as the next axis for residential, commercial, institutional, and industrial development in Gurgaon.

A number of developers and promoters like Raheja Developers, IREO, Gold Souk, Avlon, Central Park, Tata Reality, Godrej Properties, MVL, Universal, ILD, Parsvnath, Paras, Homestead, etc, have already started acquiring land banks in the area and those with SEZs are planning land-use change once it is approved in the New Gurgaon-Sohna Master Plan, 2031. Property experts say that with so many amenities proposed in the Sohna master plan, the area with its new marketing name, Greater Gurgaon, will be a big hit among the buyers.

Gurgaon has a lot demand for property, and with property prices going through the roof in the main city, buyers are looking at newer areas like Greater Gurgaon which offer equally good houses at less than half the rates.

A report says that currently Greater Gurgaon enjoys a niche position in the realty market. With rapid development of new realty projects, the population of Greater Gurgaon is projected to grow tenfold by 2031. Considering all these factors, it is the best time for end users and investors to enter this market—most of the big real estate firms of the NCR, Mumbai, and Bangalore are already actively looking to buy residential FSIs in the new Sohna master plan.

Why Greater Gurgaon

With improving infrastructures, fast connectivity, and the forthcoming world class realty projects, this developing real estate destination is ready to cater to the needs of every homebuyer looking for a property close to Gurgaon, and at affordable prices.

The sectors lying on the new 150-metre wide link road from Golf Course Extension Road will not only enjoy a premium positioning but will also have an advantage in terms of visibility and location, compared to all the other sectors within the Greater Gurgaon-Sohna Master Plan.

The area now has a new locality spread over 5,000 acres of residential and commercial development, with excellent connectivity from the Golf Course Extension Road, which further connects to the main Gurgaon-Sohna Road and NH-8. This developing residential hub is located near the proposed Orbital Railway Corridor, which will connect the area with other major cities of the NCR.

“The realty market of Greater Gurgaon will be independent and remain unaffected by price movements and absorption of projects located along Dwarka-Gurgaon Expressway or Golf Course Extension Road. For example, the group housing projects on Golf Course Extension Road are priced at over Rs 11,000-Rs 12,500 per sq ft-but on Gurgaon-Sohna Road, they are still around 5,000-6,500 per sq ft. The Greater Gurgaon market will largely cater to the affordable segment. Townships with group-housing and plotted developments are likely to come up in the area in the price band of Rs 4,000-4,500 per sq ft,” Harendra Dhillon, senior vice president, marketing and sales, of Raheja Developers, says.

New master plan for Sohna

According to the new Master Plan, 2031, for Sohna, an area of 6,110 hectares would be developed with residential density of 300 persons per hectare. The development plan of Sohna has been prepared for a projected population of six lakh people. Over 28% of the area would be developed as residential area while 20% has been allocated for industrial purpose. The 1,483km-long Delhi-Mumbai Industrial Corridor is also located close by the forthcoming realty projects.

All the mega industrial and infrastructural projects coming up along with the KMP corridor will only add to the value of investments here. Under the new master plan, 2,600 acres has been reserved for green and open spaces, and 5,000 acres for residential and commercial development in over 20 sectors.

Apart from this, 1,600 acres is to be developed for IMT (Industrial Model Township) by HSIIDC. The Haryana government’s plan for development of theme hubs like leisure hub, sports hub, leather hub, etc, along KMP Expressway has been notified. The hubs are a part of the final deveopment plan for Sohna.

The Haryana State Industrial & Infrastructure Development Corporation Limited (HSIIDC) has asked for an additional 1,500 acres for future expansion of the township. Three of the theme parks on KMP Expressway-World Trade City, Entertainment City, and Fashion City-are proposed to be developed in this town. The Dedicated Freight Corridor (DFC) linking Delhi to Mumbai passes close to the south eastern side of Sohna.

Realty projects

Major developers like Raheja Developers, Gold Souk, IREO, Central Park, Tata Housing, Godrej, MVL, Universal, ILD, Avlon, Parsvnath, Paras, and Homestead have plans to launch new projects here.

Homestead is coming up with plots, villas, independent floors, and group-housing on 138 acres in Sector 25. Gold Souk has group-housing projects in Sectors 17 and 25, over 150 acres, offering premium high rise apartments in the size range of 1,250-2,350 sq ft at Rs 5,000 per sq ft. Eldeco, CHD and ILD have group-housing projects in Sectors 2, 34, and 33 respectively. Raheja Developers has Raheja Aranya City, a plotted-development located on the existing six-lane Gurgaon Sohna road in Sectors 11 and 14.

The group also has a joint venture over 35 acres with Tata Housing for designer homes, villas, and green homes. This will be a completely integrated township over 108 acres with all the lifestyle facilities. The project will also have social infrastructure comprising schools, hospitals, nursing homes, shopping arcades, and adequate open greens, a spokesman of the project said.

Navin Raheja, CMD of Raheja Developers, says: “Greater Gurgaon is the next big thing after Gurgaon-Dwarka Expressway. Prices here are affordable and with the kind of infrastructural developments here—fright corridor and DMIC—investments made here now would yield tremendously returns in the future.”

IMT Sohna, like Manesar, is going to flourish and the appreciation will be huge. Considering the residential and commercial developments on Sohna Road, it can be assumed as the next big thing for realty development after MG Road.”

Manoj Srivastava, COO of Homestead, says: “Greater Gurgaon is emerging as the next realty destination in Gurgaon and is currently registering good demand-supply, too, has kept pace with demand. A proof of this is the high number of transactions taking place in this area. The location has, over the years, become the centre of Gurgaon.”

Ashish Gupta, joint managing director of Gold Souk, says: “The value of investments in Greater Gurgaon will multiply at a tremendous pace once this industrial estate is up and running. The new sectors of Sohna will definitely enhance the prospects for the realty market as this region develops into residential and retail destination for the thousands of people who get jobs here.”

Ajay Singhal, director of Avlon Group, says: “Gurgaon Extension is going to be the next big thing for property investment in Gurgaon. With wide roads, world-class development in terms of residential and commercial projects and a price tag which is less than half the prevailing rates in Gurgaon, the area is going to cater to a major housing demand. Today, we have one of the largest land banks and our business development is finalizing plans regarding Gurgaon Extension.”

Reasons to invest:

While Manesar has become the undisputed heir of industrial Gurgaon, the other surrounding towns of Pataudi, Farukhnagar, and Sohna too have started feeling the buzz of development.

Sohna could be a big beneficiary of this socio-economic-cum-landscape renaissance. Sohna is one of the best residential belts in the near future. Both sides of the NH-8 have bright prospects today, but prices are high, and the scope is limited.

The inception of Manesar as an industrial town, and the plans for an industrial corridor and economic zone around it, has limited any further residential expansion in this area. Sohna has great connectivity to Dharuhera, and onwards to Rewari, on NH-8, by Tauru road to Gurgaon, by Sohna Road to Palwal-via KMP Expresswayand directly to Faridabad as well.

Forthcoming connectivity and infrastructure:

The biggest USPs of Greater Gurgaon extension’s realty market is good connectivity and accessibility.

The proposed 90-metre-wide link road from Gurgaon’s Sector 63 merging into the proposed 150-metre-wide Gurgaon Extension Road will not only reduce the travel distance by a couple of kilometres, it will also ensure a smooth travel from Golf Course and Golf Course Extension Road.

The KMP bypass would take care of the heavy vehicular movement, reducing the traffic flow on the existing Gurgaon-Sohna-Alwar Highway. Also, the emerging area will have excellent connectivity with the NCR through the proposed Metro line.

Gurgaon Extension is also known for the natural sulphur springs, the Damdama Lake, Westin Resort, GD Goenka Education City, KR Mangalam University, Apeejay Satya University, and the MMTC Pamp gold refinery.

 

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