Market looking up in GREATER GURGAON

The KMP Expressway bypass – passing through New Gurgaon – is going to be inaugurated by PM Modi in the next couple of months. This will improve connectivity of Greater Gurgaon with Sonipat and Faridabad (through KGP) and make this a real estate hotspot of Gurgaon.

Greater Gurgaon is registering a boom in the real estate market with supply keeping pace with demand; experts even say the area is set to emerge as the next axis for residential, commercial, institutional, and industrial development in Gurgaon.

Only 24km from Gurgaon city, Greater Gurgaon, the newly-notified area in the new master plan, is the new marketing name for Sohna Road.

The value of investments in Greater Gurgaon will multiply once this industrial estate is up and running. New sectors of Sohna will 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.

Developers like Raheja, IREO, Gold Souk, Avlon, Central Park, Tata Reality, Godrej Properties, MVL, Universal, ILD, Parsvnath, Paras, and Homestead are acquiring land banks in the area.

Navin Raheja, CMD of Raheja Group, says: “Greater Gurgaon enjoys a niche position in the market. With rapid development of new projects, the population of Greater Gurgaon is projected to grow tenfold by 2031. Thus, it is the best time for end users and investors to enter this market. Big real estate firms of the NCR, Mumbai, and Bangalore are actively looking to buy residential FSIs in the new Sohna master plan.”

WHY GREATER GURGAON

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

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

CONNECTIVITY AND INFRASTRUCTURE

The biggest USPs of Greater Gurgaon’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 reduce the distance by 2km and ensure a smooth travel from Golf Course Road and Golf Course Extension Road.

The 135km-long KMP (Kundli-Manesar-Palwal) Expressway bypass – passing through New Gurgaon – is going to be opened by PM Modi and become operational in July, which will take care of the heavy vehicular movement, reducing traffic flow on the existing Gurgaon-Sohna-Alwar highway.

Currently, KMP is operational from Palwal to Manesar and will connect four highways – NH-1, NH-2, NH-8, and NH-10. With such world-class connectivity and infrastructural development, real estate will grow rapidly in the sectors developing along NH-8. Several IPC’s and government bodies have zeroed in on these sectors to develop logistics and warehousing utilities.

Pradeep Aggarwal, MD of Signature Global, said: “New Gurgaon will be the new hub for realty development with both KMP and KGP Expressways meeting here on NH-8, just ahead of Kherki Dhaula on Delhi-Jaipur highway. Undoubtedly, once both KMP and Dwarka Expressway are operational, prices in developing residential pockets along both sides of NH-8 will appreciate manyfold. Thus, investments in New Gurgaon will be a smart move for end users and investors.”

NEW MASTER PLAN

The new master plan has earmarked 2,600 acres for green and open spaces, and 5,000 acres for residential and commercial development in over 20 sectors. Apart from this, 20% of the developing area has been allocated for industrial purpose. The 1,483km-long Delhi-Mumbai Industrial Corridor is located close to 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.

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 development plan for Sohna.

REALTY PROJECTS

R K Arora, CMD of Supertech Ltd, said: “The 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.” Raheja Developers has Raheja Aranya City, a plotted-development on the 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.

Rakesh Yadav, chairman of Antriksh India, says: “Greater Gurgaon is the next big thing after Dwarka Expressway. Prices here are affordable and with developments like the fright corridor and DMIC, investments here will yield high returns.”

Ajay Singhal, director of Avalon Group, said: “Greater Gurgaon is emerging as the next realty destination in Gurgaon and is registering good demand – supply, too, has kept pace with demand.”

source: timesgroup