New Gurgaon is fast emerging as a vibrant residential and commercial hub in the Delhi NCR.
Spurred by attractive pricing, good-quality projects, well developed neighboring areas, and planned development, New Gurgaon is fast emerging as a vibrant residential and commercial hub in the Delhi NCR. New Gurgaon is a moniker coined for the areas and sectors beyond the second toll plaza on NH-8, which are located on both sides of the highway and are accessible from it through internal sector roads.
Spurred by attractive pricing, good-quality projects, well developed neighboring areas, and planned development, New Gurgaon is fast emerging as a vibrant residential and commercial hub in the Delhi NCR. New Gurgaon is a moniker coined for the areas and sectors beyond the second toll plaza on NH-8, which are located on both sides of the highway and are accessible from it through internal sector roads.
Sectors 81 to 95 of Gurgaon are covered under this belt, which includes tremendous commercial and retail developments as well.
“This real estate micro-market is one of the two identified growth corridors for residential projects in Gurgaon; the other being Dwarka Expressway. The influence zone of this micro-market extends from the sectors after Kherki Daula toll plaza and right up to the sectors being developed beyond and all the way till Manesar on both sides of the highway. Till date, over 44,000 residential apartment units have been launched here across more than 80 projects,“ says Rohan Sharma, associate director (Research & Real Estate Intelligence Service), JLL India.
Apartment prices have gone up by over 37% and 20% in 2012 and 2013, respectively, compared to previous years. The projects here have also moved up the value chain starting from affordable-housing projects and slowly moving up to mid-segment a and premium housing.
“It is one of the less expensive residential micro-markets within Gurgaon f and hence has also seen healthy sales volumes over the last few years,“ Sharma said.
Accessibility and good existing connectivity have also worked in favor of this region. The forth coming infrastructural projects like DMIC, KMP Expressway, and multiple centers of excellence as planned under the DMIC are likely to further provide an impetus to growth around this area. Economic activity will fuel future growth, with existing automobile and ancillary industries in Manesar already doing well.
Harinder Dhillon, senior VP (Sales and Marketing), Raheja Group, says: “New Gurgaon is coming up as an exciting new destination for real estate investment as well as end use. The area has witnessed tremendous infrastructural upsurge by way of new roads as well as electricity and sewerage networks. All leading developers of northern India are coming up with townships and new apartment launches in the area. Residential prices in the area range from Rs 5,000 per sq ft to Rs 8,000 per sq ft, depending upon location, specifications and developer’s brand appeal.”
Realty players like DLF, Raheja Developers, Ansal API, Vatika, Emaar MGF, Orris, Lotus Greens, and Ramprastha have already entered New Gurgaon with many new projects, including townships.
For instance, DLF’s Garden City, designed by renowned architect Hafeez Contractor, is a gated township located along a 1,000 acre green expanse. Such projects are expected to change the skyline of the Millennium City.
Pradeep Aggarwal, chairman, Signature Global, says, “Apart from its great infrastructure, attractive pricing, brilliant-quality projects, and the profile of developers in the region has also assist ed growth in New Gurgaon. This destination is already drawing a lot of investor interest with a hefty price appreciation in the last couple of years. And looking at the trend this region is setting, this active investor interest will only keep on moving north.“
Already, over 2,200 residential units have been completed and handed over to buyers with nearly 38,000 more units likely to be handed over the next 3 years.
“This will build a critical mass for future development of retail centers which will be an improvement over the current, existing neighborhood retail shopping centers developed as part of township projects. Some of the towers and projects, parts that have been completed, have been handed over,“ Sharma of JLL said.
A healthy amount of commercial office supply of around 1.9 million sq ft is also expected to come up over the next 3 years here. Apart from this, there are branded hotel projects which point towards current and anticipated demand from business travelers once economic activities pick up.
Fast Fact: New Gurgaon is a MONIKER coined for the areas and sectors beyond the second toll plaza on NH-8, which are located on both sides of the highway and are accessible from it through internal sector roads.
Source: Times Property, Nov 29, 2014, Page 07
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