My Gurgaon - GURGAON EXTENSION: NEW DEVELOPING REALTY MARKET
Sohna Road has been renamed Gurgaon Extension in the newly-notified Gurgaon-Sohna Master Plan, 2031. This has lifted the profile of Sohna Road in the realty market. A K TIWARY writes
After the approval of the new Gurgaon-Sohna Master Plan, 2031, Gurgaon Extension is all set to emerge as the next axis of commercial, residential, institutional, and industrial development.
Gurgaon Extension, or the erstwhile Sohna Road, which has been allocated 5,000 acres for residential and commercial development, has excellent connectivity with Golf Course Extension Road. The area is also connected to NH-8.
A number of developers and promoters like IREO, Raheja Developers, Gold Souk, Avlon, Central Park, Tata Reality, Godrej Properties, MVL, Universal, ILD, Parsvnath, Paras, and Homestead have started acquiring land banks in the area, while those with SEZs (special economic zones) are mulling land-use change after the notification.
Why Gurgaon Extension
With improving infrastructures, fast connectivity, and forthcoming world-class realty projects, the new real estate development zone is ready to cater to the needs of every homebuyer looking for a property in Gurgaon and its nearby areas at affordable prices compared to other localities like Sectors 52, 55, 56, 57, 79, 80, 81, 82, 83, 84, 89, 92, 103, 106, 112, etc.
With a huge demand for housing, this realty hotspot is set to have a number of housing projects. A realty expert says that the Gurgaon-Sohna realty market is an independent market and has been 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 about or over Rs 10,000-12,500 per sq ft, but in Gurgaon-Sohna Road, they are still around Rs 4,500-6,500 per sq ft.
This is a positive signal that the Gurgaon Extension market will cater to the affordable segment. Townships with grouphousing and plotted developments are likely to come up in the area in the price band of Rs 3,500-4,000 sq ft.
Reason to invest in
This is a good time to enter this market, so developers and investors — most of the big real estate firms from the NCR, Mumbai, and Bangalore — are actively looking to acquire residential FSI's in the new Sohna master plan. Developers are looking at residential FSI's from Rs 1,500 to Rs 1,700 per sq ft and expect to launch multistorey, highrise apartments in the range of Rs 3,500-4,000 per sq ft.
Analysts believe that with so many amenities proposed in the Sohna master plan, the area with its new marketing name, Gurgaon Extension, will be a big hit among buyers.
Gurgaon has a lot demand for property, which, due to the exorbitant prices in the main Gurgaon market, has been largely unmet. If we talk about affordable housing, people who work in Gurgaon have no options.
Hence, newer areas like Gurgaon Extension, offering equally good houses at less than half the rate, will cater to that demand. A report says that Gurgaon Extension, today, enjoys a niche position in the realty market.
With all the forthcoming realty projects, the population of Gurgaon Extension is expected to grow 10 times by 2031. According to the new master plan for Sohna, nearly 6,110 hectares would be developed with a residential density of 300 people 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 for residential and 20% for industrial purposes.
The 1,483km-long Delhi-Mumbai Industrial Corridor is located close to the various realty projects coming up under the new master plan. All the mega industrial and infrastructural projects, along with the KMP corridor, will only add to the value of investments in the area. 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 an IMT (Industrial Model Township) by the Haryana State Industrial and Infrastructure Development Corporation Ltd (HSIIDC).
This new stretch of Gurgaon-Sohna region has registered huge demand from investors from all over, in the last couple of months. Experts say that the rate of appreciation in and around Gurgaon-Sohna Road could be around 18-20% in the future.
Top realty players like Unitech, CHD Developers, Raheja Developers, Gold Souk, Omaxe, Vipul, Eldeco, Spaze Group, Parsvnath, Tata Housing, Bestech, etc, are now spreading their roots here.
Raheja Developers has launched Aranya City, a residential project. The project, launched almost a year ago, received good response from the market at a point when the issue of new connectivity from Golf Course Extension Road was still ambiguous. With the notification of the new connectivity plan, new residential projects here are expected to receive excellent response from the market.
The sectors on the new 150mwide link road from Golf Course Extension Road sectors of Gurgaon will not only enjoy a premium positioning but will also have an advantage in terms of visibility and location among all the other sectors within the Gurgaon Extension- Sohna Master Plan.
Realty players IREO, Avlon, and Gold Souk own big land banks in Gurgaon Extension. Avalon is coming up a project in Sector 2 on 25 acres, while Gold Souk is planning to launch Gold Souk Golf Links, a premium highrise apartment project of 1,250-2,350 sq ft at Rs 5,000 per sq ft.
Navin M Raheja, the CMD of Raheja Developers, says: "Undoubtedly, Gurgaon Extension is good. The value of investments will multiply at a tremendous pace once the industrial estate is up and running. The new sectors of Sohna will definitely enhance the prospects of Aranya City as a residential and retail destination for the thousands of people who will take jobs there."
Ashish Gupta, the joint MD of Gold Souk Group, says: "Gurgaon Extension is going to be the next big thing for property investment in Gurgaon. With wide roads, world-class residential and commercial projects, and a price tag which is less than half the prevailing rates in Gurgaon, this area is going to attract a lot of demand for the housing projects here. We have one of the largest land banks here and our business development is finalizing our future plans for Gurgaon Extension."
Ajay Singhal, the director of Avalon Group, says: "Gurgaon Extension is emerging as the next realty destination in Gurgaon and is currently registering good demand, with supply keeping pace. A proof of this lies in the high number of transactions taking place in the area. Over the years, this location has become the centre of Gurgaon." Ravi Saund, the COO of CHD Group, says: "CHD Avenue 71 is located on a 60m-wide sector road (bisecting Sector 71 and Sector 72 A). This is a premium, multistorey ground plus 22 storey project over 16.5 acres and offers 3- and 4BHK apartments. The master planning has been done around a flora rich central avenue to keep the residents in touch with nature."
USP of the Gurgaon Extension
The biggest USP of the Gurgaon Extension's realty market is good connectivity and accessibility.
The proposed 90 metre link road from Gurgaon's Sector 63, which merges into the proposed 150meter Gurgaon Extension Road, will not only reduce the distance by a couple of kilometres but also ensure a smooth travel time of about 10-15 minutes from Golf Course and Golf Course Extension Road.
The KMP bypass would take care of the heavy vehicular movement, thereby reducing the traffic flow on the existing Gurgaon-Sohna-Alwar highway and the new 90 metre and 150 metre roads. Also, it will have excellent connectivity with the NCR through the proposed Metro line.
Gurgaon Extension is also in close vicinity of natural sulphur springs, the Damdama Lake, Westin Resort, GD Goenka Education City, KR Mangalam University, Apeejay Satya University, and the MMTC-Pamp gold refinery (amongst the Top 5 largest refineries in the world).
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
WITH ALL THE FORTHCOMING REALTY PROJECTS, THE POPULATION OF GURGAON EXTENSION IS EXPECTED TO GROW 10 TIMES BY 2031