Sohna Road in Gurugram is home to a plethora of realty developments. It features a well-developed infrastructure and excellent connectivity. Several schools, offices, and medical services can be found in this neighbourhood, with rental fees ranging from Rs 26,900 to Rs 71,500, depending on the sub-locality and kind of property. Property prices range from Rs 5,000 to Rs 11,100 per square foot for home buyers.
The well-connected Sohna Road continuously witnesses new constructions that contribute to the convenience. The area’s appeal can also be ascribed to its ease of access. The area’s newest and most essential connectivity component, the forthcoming link between the new Jewar Airport and the Delhi-Mumbai Expressway, is projected to help enhance the real estate market. The DMIC project will have a significant impact on a number of areas, particularly affordable housing along the e-way. By 2023, the project will be completed, making it the fastest highway construction stretch in the history of any transportation authority. The eight-lane expressway runs from Delhi to Mumbai, going through Haryana, Rajasthan, Madhya Pradesh (MP), and Gujarat before entering Maharashtra.
The real estate market is likely to be impacted immediately. In the short term, projects within a few kilometres of the e-way will attract attention and be valued. The announcement of the Delhi Mumbai e-way’s completion date will serve as an impetus for real estate development in the region. Gurugram will undoubtedly stand out from other NCR cities as connectivity to Mumbai, India’s financial hub, improves. Because of its proximity to the Indira Gandhi International Airport, Gurugram has thrived and e-way will add feathers to the city’s cap.
The substantial infrastructural investment by the National Highways Authority of India (NHAI) on the Sohna-Firozepur Jhirka segment of the proposed Delhi-Mumbai Expressway will encourage real estate development along NH 8 in New Gurugram. The Haryana corridor of the Delhi-Mumbai Expressway now runs from Rajiv Chowk to the Sohna bypass. The start of the Delhi-Mumbai highway at Sohna bypass bodes well for real estate in Gurugram’s southern reaches. The Mumbai-Delhi e-way’s Sohna-Jaipur leg will relieve significant traffic congestion on NH8 and provide a mobility boost to real estate in the New Gurugram districts along the highway.
Many new company or industries would spring up, necessitating better real estate infrastructure and connectivity to economic hubs like Jaipur, Ajmer, Chittorgarh, Udaipur, Kota, Ujjain, Bhopal, Indore, Ahmedabad, Vadodara, and Surat. Real estate has benefited from the town’s closeness to industrial and professional areas, and its connection to the KMP highway, planned infrastructural developments, and accessibility to education and health facilities.
According to BCCL, the maximum configuration available in Sohna Road is 3 BHK (53%) followed by 4 BHK (39%) and 2 BHK (8%). 24% Buyers prefer properties above Rs 1.75 crore, 58% prefer property between Rs 75 lakh and Rs 1.5 crore, around 12% prefer properties between Rs 1.5 core and Rs 1.75 crore. Talking about the size, 39% of buyers looking for properties in Sohna road prefer a home above 2,000 sq ft, 46% prefer properties between 1250 sq ft and 2,000 sq ft, and only 15% of buyers prefer properties below 1250 sq ft.
The expanding presence of affluent properties in locations like Sohna Road demonstrates the growing luxury trend in Gurugram’s real estate market. In the livability rankings, projects that go above and beyond people’s expectations fare very well. The proportion of the premium has risen considerably due to significant improvements in several key livability index factors. Institutional investors, rural life seekers, and gated community connoisseurs have options due to the varied spectrum of luxury and ultra-luxury real estate options.
Due to the diverse options across real estate segments, including luxury, the area’s attraction has been maintained, making it one of Delhi NCR’s top five most-searched neighbourhoods. Many important livability index indicators have greatly improved, showing that the area is on its way to being self-sufficient. The area has a residential-commercial neighbourhood with access to developed infrastructure, key schools and hospitals, multiple malls, and accessibility to Cyber City and Udyog Vihar through NH-48.
Overall, institutional investors and those seeking a more secure, less congested, and healthy living environment in gated communities are benefiting from the market. The area has become a popular destination for affordable and mid-range housing options such as group living, independent floors, and villas. The main advantage is that property in this micro-market is far less expensive than in neighbouring micro-markets.
(By Pradeep Aggarwal, Founder and Chairman of Signature Global Group & Chairman, Assocham – National Council on Real Estate, Housing and Urban Development)