Among the areas to invest in, Gurgaon and Dwarka stretch sees good buyer interest in NCR, however, Southern Peripheral Road (SPR) is slowly emerging as a good property investment.
Haryana government in the recent past has taken many steps to revive the Gurgaon property market amid a slowdown. This sector of Delhi-NCR market has been witnessing a slump due to unsold inventory and delayed projects. From setting up of a Gurgaon Development Authority to slashing of circle rates, the Haryana government has been recommending the user-centric moves to give a boost Gurgaon real estate, which could offer both affordable and luxury housing. Among the areas to invest in, Gurgaon and Dwarka stretch sees good buyer interest in NCR, however, Southern Peripheral Road (SPR) is slowly emerging as a good property investment. Fe Money spoke to Tata Housing’s AVP – Marketing Rajeeb Dash on the price trends in Gurgaon realty market and why there is surge in interest in SPR. Excerpts from the interview:
Q. How is Gurgaon residential and commercial market currently? What are the price trends?
A. Gurgaon with its rapid urbanization has been a hallmark of growth and urbanization in the recent years. Residential property prices on the upcoming southern peripheral road connecting to National Highway 8 have seen considerable appreciation over the past few months. This location holds great investment potential thanks to enhanced connectivity that NH8 provides to Manesar and Dwarka. In particular, residential properties along the Dwarka Expressway have attracted interest from the mid-income buyer group. As prices rise in upcoming locations of Gurgaon such as Golf Course Extension, Sectors 70 and Sector 78, buyers have been looking at these alternate locations. Commercial and office space continues to be promising, and major global players are expected to be setting up operations here in near future as well. The new infrastructure initiatives being undertaken by the Government will also play a crucial role for Gurgaon’s residential and commercial property sectors.
Gurgaon has to offer both affordable and luxury housing. According to 99acres.com, luxury homes pricing can start at Rs 2-3 crores, the affordable housing segment begins from Rs 35 lakhs.
Q. Which are the preferred areas to invest in? How are the prices in these areas?
A. The stretch between Gurgaon and Dwarka is seeing significant buyer and investor interest and is one of the promising realty markets in the National Capital Region (NCR). It is also close to the international airport. This area is a part of ‘New Gurgaon’, which is being developed with better infrastructure, to match the standards set by Greater Noida. The price of property in this market ranges between Rs. 5500-6500 per sqft.
The other upcoming and preferred area for investment is the Southern Peripheral Road, which will soon be home to multiple high-end residential and commercial centres, bringing more gloss to a city that is living up to its nickname ‘The Millennium City’. The road which starts from Mehrauli in Delhi and connects NH-8 in Manesar near Industrial Model Township (IMT) Manesar via Sohna Road, offers excellent connectivity to Delhi and its adjoining areas. As the prices rise in upcoming locations of Gurgaon such Golf Course and other locations, end users and investors have been eyeing southern Gurgaon as the preferred location which is positioned as an upmarket location which is expected to fetch a handsome appreciation in the years to come.
Q. With Southern Peripheral Road widening resumption, how will it affect Gurgaon’s real estate?
A. The Haryana government’s commitment and reinforced motivation towards the completion of the Southern Peripheral Road has generated some positivity for the region. The location is turning out to be a premium residential hub as most of the projects launched in this area re equipped with modern amenities such as clubs, swimming pools, gym etc. and promise high specification in terms of interiors like imported flooring, modular kitchens, VRV air conditioning etc. The infrastructure is turning out to be an advantage for the developers and the consumers, for whom better road connectivity means easy travelling.
The project is the answer to the prayer of many travellers, providing excellent connectivity to the daily commuters of Gurgaon in general and others in particular. The road is expected to come into operation this month. The road which starts from Mehrauli in Delhi and connects NH-8 in Manesar near Industrial Model Township (IMT) Manesar via Sohna Road, offers excellent connectivity to Delhi and its adjoining areas. The completion of SPR will resolve the connectivity problem in new sectors 58-80 and expected to reduce traffic load on NH-8. Once completed the SPR will provide a boost to the real estate industry in Gurgaon as many commercial and residential projects are being developer along the SPR. The completion of this road is also expected to improve connectivity of new sectors 58-80, developed along the SPR, with rest of the city and NH-8.
Q. How it will be the prices after Southern Peripheral Road is effective?
A. The renewed focus of HUDA and state government definitely foretells better days for the real estate sector in the city, which had faced issues of delay in completion, mainly because of lack of access to adequate infrastructure. The sector in this corridor represents a mix of residential, commercial, public, semi-public and industrial sectors. The residential segment is the most dominant category with maximum land use making SPR all set to become the next big realty destination of Gurgaon. Southern Gurgaon positioned as an up-market location, is expected to fetch a handsome appreciation in the years to come.
Q. Do you expect people shifting from Delhi to Gurgaon on improved connectivity and link?
A. Both Delhi and Gurgaon are highly developed in terms of commercial activity and infrastructure. However, Gurgaon has effectively positioned itself among the top MNC’s as the most desirable business destination in North India. The city is also seeing a spillover effect with the presence of large companies and highly paid executives. The presence of Ultra HNI’s and HNI’s has fuelled the demand for luxury housing segment as infrastructure in the city is improving rapidly resulting in the city’s swift growth in real estate. Moreover, the city offers a global standard of living to its consumers. Majorly, the emerging class of buyers who opt for a luxury or ultra-luxury homes are highly aspirational, tech – savvy, well-travelled and aware of the global standards of lifestyle. The demand for such homes are driven by the demographic shift to a younger, more cosmopolitan, affluent and better educated population.
Q. How will Southern Peripheral Road location vis-a-vis investment be both residential and investment purposes?
A. Owing to the enhanced connectivity, the location has become potential for investment and residential purposes. It is turning out to be a premium residential hub as most of the projects launched in this area are equipped with modern amenities such as clubs, swimming pools, gym etc.
Q. What are the pros if someone who wants to invest in this area?
A. Multiple high-end residential and commercial centres are set to be constructed alongside the SPR, which will add to the sheen of the city which has been nicknamed ‘The Millennium City’. The SPR project will provide excellent connectivity to the daily commuters to and fro Gurgaon from Delhi. The road which starts from Mehrauli in Delhi and connects NH-8 in Manesar near Industrial Model Township (IMT) Manesar, offers connectivity to Delhi and its adjoining areas.
• Proximity to the developed areas of Gurgaon and the existing commercial hubs
• Residential options from the top-notch builders in Gurgaon
• Better social infrastructure and amenities in comparison to the Northern Peripheral Road (NPR)
• Excellent connectivity to the Golf Course Extension Road, Gurgaon-Sohna Road and NH-8