Gurgaon Realty Trend: A Look at Some of the Micro-markets Under Gurgaon Realty Market
New Delhi's property market may have slowed down with builders struggling to sell flats, but Gurgaon is still going strong. Cushman & Wakefield say prices in Gurgaon's luxury residential market have risen 29 percent year-on-year (YoY).
New Delhi (I-Newswire) September 3, 2013 - New Delhi's property market may have slowed down with builders struggling to sell flats, but Gurgaon is still going strong. Cushman & Wakefield say prices in Gurgaon's luxury residential market have risen 29 percent year-on-year (YoY). So what used to cost around Rs 17,000-25,000 a square foot has appreciated to Rs 22,000-32,000 a square foot.
In the more affordable mid-end category, Cushman & Wakefield estimates an 18 percent price appreciation. So, apartments that a year ago cost Rs 6,500-9,000 a square foot now carry a price tag of Rs 6,800-11,500 a square foot. Gurgaon's Golf Course Road saw frenzied real estate activity over the last decade.
A look at some of the micro-markets under Gurgaon Realty Market
Dwaraka - Gurgaon Expressway on its way to be a hot Real Estate market
Dwarka-Gurgaon Expressway is now registering huge real estate development with developers taking advantage of the planned infrastructural development in and around the developing sectors along this stretch.
Dwarka-Gurgaon Expressway, also known as NPR (Northern Peripheral Road), a project of the HUDA is expected to ease the traffic rush on the operational Delhi-Gurgaon Expressway. Out of the total 18km length, black-top work of nearly 13km-length has already been completed with balance work expected to be completed in the next six months.
With its close proximity to the IGI airport, the Delhi Aerocity Metro station, and the forthcoming Diplomatic Enclave in Dwarka the Dwarka-Gurgaon Expressway area is expected to follow the same growth curve as premium Gurgaon locations like Golf Course Extension Road and NH-8. With the increasing number of corporates operating out of Gurgaon, coupled with the limited availability of mid-segment residences in Gurgaon and Delhi, Dwarka-Gurgaon Expressway is emerging as an attractive alternative for investors and end users.
Fast connectivity and proximity to the proposed Diplomatic Enclave in Dwarka will significantly benefit Dwarka Expressway, placing it high on the investment-return scale. Projects that were quoting at Rs 2,500 per sq ft in 2010 are quoting at Rs 5,000-7,500 per sq ft now, for multistory residential units.
A number of top realty players like Chintels Group, ATS, Vatika, Puri Construction, Assotech Ltd, Godrej Properties, Adani, Tata Housing, Sobha Developers, Raheja Developers, CHD Developers, Micortek Infrasturctures Pvt Ltd, BPTP, Satya Group, Spaze, Paras, Ansal Housing, etc, are already developing projects along this stretch.
Residential property of Dwarka-Gurgaon Expressway, especially in areas like Sectors 103-106, 109 to 113, is estimated to appreciate by substantially over the next five years. Nearly 18,649 residential units were launched along here since 2007.
NRIs, too, are showing interest in this area owing to the handsome appreciation of property here, along Dwarka-Gurgaon Expressway. This area has also emerged as a prominent destinations for IT-ITeS outsourcing and off-shoring hubs with 22.3 million sq ft of new office supply expected by 2017 and about 48 million sq ft of office space stock to be added during 2012-2017.
Ajay Aggarwal, MD of Microtek Infrastructure Pvt Ltd, says: "Work on and near Dwarka Expressway is moving in the right direction. Like any other big-ticket infrastructure project, it also faced some delays, but thanks to the combined efforts of all the stakeholders, it has picked up momentum lately. In the near future, property market around Dwarka Expressway or New Gurgaon will become premium destinations."
Cyber city of Gurgaon rules the realty roost
Gurgaon and Manesar continue to be the hub of real estate activities in the NCR region. Despite the slowdown in the economy, demand for residential and commercial real estate in these sub-cities has not been affected appreciably. Now, developments in these parts are extending all the way till Dharuhera along NH-8, Sohna along Sohna Road, and Pataudi along Pataudi Road. A number of large players like Godrej, Tata Housing, Mahindra Realtors, and Sobha Developers have entered the market here. Apart from them, a number of realty majors like DLF, Unitech, Emaar, Raheja, Ireo, Vipul, Vatika, M3M, Puri Construction, ATS, Supertech, Assotech, Orris, Ramprastha, etc, have already launched projects in the area.
A large number of Fortune 500 companies, BPO and ITeS companies, too, have opened offices in the millennium city. Thus, the demand for commercial real estate space and the demand for residential units feed upon each other. Interestingly, despite the slowdown in the economy in the; last couple of year, there is no visible slowdown in the demand for commercial space in the sub-city, which has further kept the demand for residential units alive.
However, along with signs of sluggishness in the economy, the commercial sector is facing challenges like lack of funding for building more projects, inflated prices, excess inventory across large cities, and delays in obtaining building approvals.
Market boom on Gurgaon - Faridabad Road
Real estate development along Gurgaon-Faridabad Road, which further connects to Ballabhgarh-Sohna Road, is in a boom phase.
This stretch connects the economic centres of neighbouring states like Haryana, Rajasthan, ;Delhi, and Uttar Pradesh. This road also connects tourist spots like Surajkund, Damdama Lake, the Tourist Complex in Sohna, the Bird Sanctuary in Sultanpur, Agra, Jaipur and other historical places of Rajasthan and Uttar Pradesh. Tourists coming from T3 airport or from Jaipur will also find Gurgaon-Faridabad Road highly convenient and time-saving for reaching tourist spots like Agra, Mathura, Vrindavan, etc.
Gurgaon-Faridabad Road is shaping up as a prime location for real estate development with fast connectivity and improving infrastructure. This developing realty region is proving to be a good residential location owing to its excellent connectivity with Noida, Ghaziabad, Gurgaon, and South Delhi. The master plan of the area envisages a future Metro line, provision for wider roads, parks, along with a ;good combination of commercial and residential mix of projects.
Future Market Gurgaon Extension: Next residential hub
A new developing zone - Gurgaon Extension (the area extending from Sohna Road and directly connected to the main Gurgaon-Sohna Road) - is being considered by realty experts as a good place for affordable-range housing.
According to the recently approved Master Plan-2031 of Sohna, the population of Gurgaon Extension (Sohna) is expected to grow tenfold by 2031. The developing area will have 5,000 acres of residential and commercial development and 2,600 acres of green and open space development in over 20 sectors. Close on the heels of its new Master Plan-2031, a slew of group-housing projects, townships, plotted developments, and luxury projects have been announced by leading developers like Raheja Developers, IREO, Parsvnath, Avlon, Gold Souk.
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Published On:September 3, 2013
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