Proximity to Delhi and being part of the National Capital Region (NCR) are two of the most obvious reasons for the exponential growth witnessed in real estate development in Gurgaon. The city’s boundaries are now expanding along the Delhi- Jaipur highway ( NH 8 ) as there is no more land available nearer Delhi for development. Big ticket township projects are being developed just after the second toll plaza on the NH 8. Residential real estate is also coming up on the Dwarka-Gurgaon expressway which is parallel to the NH 8.
However, Gurgaon has severe infrastructure constrictions especially in the area of power, water supply, sewerage and proper roads. In the light of rapid urbanization of the area, the city planners will have to put these civic amenities on top priority. These problems have not dimmed Gurgaon real estate’s popularity though.
In recent times, Arun Doken, MD Arun Realtors Pvt. Ltd. said that the real estate market has picked up slightly with end users being the main buyers. Investors are waiting for the sale of their existing (real estate) investment before making new ones, he added.
Manesar: The locality situated 32 km from Delhi’s international airport, is an industrial town in the Gurgaon district and carries the tag “New Gurgaon”. In the past few years it has transformed from a sleepy Haryana village to become “one of the fastest growing townships in India.” The Haryana government has come out with the Gurgaon Manesar Master Plan 2031 to ensure planned development of this town.
Currently one lakh people commute to work in Manesar from the nearby areas. The number of commuters as well as residents is likely to go up a great a deal in the coming years. A large number of developments in both commercial and residential properties in Manesar are being developed. Doken said, “The area between Manesar and Gurgaon, as per the new Master plan, has been earmarked for mid segment and lower income housing. The price starts at INR 3500 per sq ft, nothing lower.”
Dwarka Expressway: Another locality in Gurgaon which is being developed very fast is the areas along the Dwarka Expressway. The Gurgaon Master Plan 2031 has plans to open new sectors along this busy expressway such as 88A, 88B, 89A, 89B, 95A, 95B and 99B.
Development of luxury apartments are likely to come in sectors 88A and 88B as the connectivity is better in these two sectors so is the access to the Dwarka Expressway and Pataudi Road. These sectors are also accessible to other places in Gurgaon. The nearby sectors are slated for commercial development. The investors will see an appreciation in capital values once the expressways and adjoining roads are completed.
Greater Gurgaon or Sohna Road: One of the new areas notified in the Gurgaon Master Plan is Greater Gurgaon or Sohna Road, as it used to be called. There is interest in this area both in the residential and commercial segments. Many big ticket developers have already started acquiring huge land banks for residential properties and those who have acquired lands for Special Economic Zones are looking at changing the land use criteria.
Greater Gurgaon is attracting the spillover from various sectors of Gurgaon as investors are looking for places near Gurgaon. Housing in this area is mainly for affordable segment and prices range from INR 4000 to INR 4500 per sq ft. Townships with plots and group housing is slated to come up here.
The new Master Plan 2031 for Greater Gurgaon- Sohna Road has plans for 6,110 hectares with 28% of the area ear marked for residential and 20% for industrial purpose. Under the new master plan 2600 acres has been declared as green and open spaces while 5000 acres across 50 sectors have been earmarked for residential and commercial development.
The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) is also developing 1600 acres for an Industrial Model Township (IMT). The state government has already notified its plans for hubs on various themes such as leisure, sports, leather and so on along the KMP Expressway. This will be in the final phase of development for Greater Gurgaon-Sohna Road.
The HSIIDC has also put in a request for an additional 1500 acres for expansion in the future. Three other theme parks are also on the cards; these are Entertainment City, World Trade City and Fashion City.
Builders such as Raheja Developers, Tata Housing, Godrej, Homestead, and Gold Souk have already expressed their interest in this area. For instance Raheja Developers has a plotted development coming up in Sectors 11 and 14. Tata Housing has a joint venture with Raheja Developers for an integrated township with all the amenities.
Golf Course Road: Golf Course Road and Golf Course Road Extension are premium locations within Gurgaon. Doken said that Golf Course Road Extension is the prime and most expensive locality in Gurgaon. This is the road connecting Golf Course Road to Sohna Road. This area has been developed with the concept “walk to work” in mind, as it has a 200 m commercial belt being developed along the new sectors.
A large number of big ticket developments are coming up in this area. Many of these developments are behind schedule by as many as three years. However, there are still people wanting to buy into this dream. One expert who did not want to be named said “Real estate in this locality is mainly targeted at the end users; if a person is looking to making an investment which he could off load quickly this is not the area he should invest in.” The price in this area is over INR 11,000 – INR 12,500 per sq ft.
Mehrauli-Gurgaon Road: Unlike other cities MG Road in Gurgaon stands for the Mehrauli Gurgaon Road; and this 20 km stretch connects Mehrauli in south west Delhi with Gurgaon. There are a number of quality restaurants, star hotels and shopping malls on this road. This area is in demand as it has many townships and apartment complexes across price segments.
One realtor said that there is no particular pattern in pricing trends in this area as most of the available land has already being acquired for townships and commercial complexes. He said that the real estate on this stretch is mainly resale.
Nina Varghese for IndiaProperty.com