The prices of apartments on Golf Course Road and Golf Course Road Extension have risen to such levels that they are now beyond the reach of the average middle class, which can even invest up to Rs 60 lakh to buy a two-bedroom house.
Experts agree that the location of New Gurgaon is close to Delhi, as against other developing locations of Gurgaon like Sohna Road, Golf Course Road and Golf Course Road Extension. A recent study by ICICI Home Finance Company shows that prices in different parts of the Gurgaon residential markets are each driven by different dynamics.
ICICI divided the Gurgaon real estate markets into three clusters, depending on their location and the growth stimulators driving them. The first pocket mainly looks at some of the high-end locations. The second and third pocket look at the Manesar belt and the Dwarka Expressway areas, which are relatively new and driven in turn by emerging IT presence and infrastructure developments.
Golf Course Road, Golf Course Extension Road, Sohna Road, MG Road
Golf Course Road has the distinction of being one of the premium locations of Gurgaon, with the highest residential property prices
DLF, Ansal and Unitech have major land banks since the initial phase of development in these areas
The presence of organized retail and commercial development, IT/ITeS spaces, cyber parks, etc, and availability of good residential supply makes it an attractive location
Good connectivity from Delhi through MG Road and the six-lane NH-8
Southern Peripheral Road (SPR), a 16km-long and 90-metre-wide road, links the MG Road and Golf Course Extension Road to NH-8, and covers almost all major developments in this part of Gurgaon.
Various other proposed roads will further enhance connectivity
Existing Metro connectivity from Delhi and Noida to MG Road and Huda City Centre, Gurgaon
Moreover, Metro to offer better connectivity within Gurgaon. The Rapid Metro Rail Gurgaon (RMRG) is under construction and will be linked with the Delhi Metro at Sikandarpur Metro station. Gurgaon Metro is slated to pass through various locations of Gurgaon with stations planned at DLF Phase II & III, Mall of India, Gateway tower, etc
Gurgaon sectors adjoining Manesar
Manesar is the industrial, IT and educational hub hosting many leading global brands like Honda, Toyota, Mitsubishi, Suzuki, Maruti, Hero Motors, Samsung Telecommunications, Frigoglass, HCL, etc
Presence of Industrial Model Town (IMT) Manesar has boosted commercialization in Manesar, in particular
This part of Gurgaon is still under metamorphosis and has a huge real estate potential due to its proximity to Manesar as well as the developed Gurgaon
The presence of major industries, corporates and IT companies will lead to employment generation leading to a huge demand for residential real estate supply
Kundli-Manesar-Palwal (KMP) Expressway is slated to come up over a stretch of about 135km. It will link four national highways in the NCR. This corridor will comprise various thematic cities with world-class infrastructure. It will help in reducing traffic congestion and, hence, create a positive impact on real estate markets in the nearby sectors
The widening of the existing two-lane Pataudi Road to 135 metres will offer better and smooth connectivity and, hence, mitigate traffic congestion. Moreover, the construction of inner sector roads will offer good connectivity in this part of Gurgaon
NH-8 and the forthcoming Northern Peripheral Road indicate good connectivity with other parts of Gurgaon, as well as Delhi
Dwarka Expressway or Northern Peripheral Road is an eight-lane 18km, 150-meterwide road stretch, which will connect Dwarka in New Delhi, Palam Vihar and the planned SEZs to NH-8 near Kherki Dhaula
This belt is mainly a residential area, with a mix of commercial and industrial developments in Sectors 114, 3A and certain parts of Sectors 106, 109, 112 Growth stimulators
The proposed SEZ to be constructed near Dwarka Expressway and the proposed Metro corridor (near the Delhi-Gurgaon border) are likely to increase demand for residential complexes in the location. This is likely to increase the capital value of the location. Further, with the infrastructural developments here and projects attaining completion, Dwarka Expressway is likely to see an increase in prises making houses unaffordable in the next few years. The prices, which were quoting at around Rs 2,500 per sq ft in 2009 rose to around Rs 3,200 per sq ft in 2011, and today they are hovering in the range of Rs 4,500-6,000 per sq ft.
Nearly all leading realtors like DLF, Emaar, BPTP, Raheja, Orris, Ramprastha, Puri Construction, Ansals, Vatika, SS Group,Tulip Infrastructure, India Bulls Real Estate, ATS Infrastructure, among others, have posted a sizeable presence in New Gurgaon. On the given parameters of locational advantages, New Gurgaon scores over Noida, Indirapuram and Faridabad.
“New Gurgaon is predominantly marketed as an affordable and mid-income housing catchment. A large portion of demand for mid-sized housing in Gurgaon has been diverted to this region. The area has good potential as a future residential hub, which can make it a favourable destination for MNCs in the future. However, the completion of infrastructure development will finally boost demand for commercial office space in this sector,” Bansal says.
Sanjey Roy, the DLF spokesman, says: “New Gurgaon is shaping up as the next big hub for residential and commercial development. It has everything a zone can offer, be it top-of-the-line luxury homes like the Primus and Regal Gardens, which are exclusive residential gated and plotted colonies like Alameda, or lifestyle homes like New Town Heights or Express Greens. New Gurgaon also offers world-class amenities like the shopping complex Galleria 91;Modern School is also set to open a Gurgaon branch at Sector 91. There are large-scale development works in progress and over 3,000 flats are nearing completion soon, which will put the habitation of this promising zone on fast track.
Author: Sumit Sighania
Sumit Sighania is currently serving the position of a Sr Executive – Content Developer at a3solutions.in. His responsibilities include writing and editing real estate content for the website. His main interests are photography, travelling and food.