Gurgaon (which has been recently rechristened as Gurugram) is witnessing major infrastructural developments. Besides the extension of the Metro and road networks, there have been proposals to introduce a cable car system and a ‘Metrino Personal Rapid Transit’ system between Delhi and Gurgaon.
According to Parveen Jain, president of NAREDCO and CMD of Tulip Infratech, “These developments will provide a big boost to real estate growth in the area. Buyers and investors will show more interest in the area, because of the easy accessibility and connectivity to various places, from these areas.”
Connectivity is the key
Connectivity to various locations, especially the workplace, is an important concern for property buyers and investors, when they consider any area. In this context, the Metro network has proved to be a boon for the real estate market, with areas surrounding its routes growing rapidly. Similar is the case with road connectivity, where easing of traffic congestion between Delhi and Gurgaon could prove to be a blessing for the commuters.
As infrastructure improves, so will connectivity, thereby, leading to greater convenience for residents, points out Smeeta Neogi, vice-president, marketing, Mahindra Lifespaces. “It will also lead to faster development of various amenities in the suburb, prompting more people to select it as their future home. The rapid pace of development in the suburbs, will then lead to additional housing stock over the long term,” Neogi explains.
Gurgaon has emerged as a preferred residential destination in North India, for end-users, investors and working professionals, owing to its easy accessibility and connectivity from National Highway-8, Indira Gandhi International (IGI) Airport, the Golf Course Road and Delhi. With improving infrastructure, connectivity and growth in the commercial segment, properties in this region have offered good returns on investment over the past few years.
Growth in the residential market
Rajeeb Dash, AVP, sales and marketing, Tata Housing Development Company, agrees and adds, “The growth in Gurgaon’s luxury and ultra-luxury segments, have been propelled largely by the young working population, with their high disposable incomes, changing lifestyle and increasing global exposure. In Gurgaon, locations such as Golf Course Road, Golf Course Road Extension, Sohna Road and Dwarka Expressway, are the most sought after, as projects here offer 24×7 security, futuristic designs and state-of-the-art amenities.”
Pawan Jasuja, director of Finlace Consulting, predicts that new developments will redefine the real estate market in Gurgaon. “The developing areas of New Gurgaon – an area that includes Sectors 76, 80, 82, 84, 85, 86, 87, 89A, 90, 91, 92, 93 and 95, have great potential for property buying and investment. Owing to its strategic location, at the intersection of NH-8 and Dwarka Expressway and connectivity to the townships of Manesar and Dwarka, the region is witnessing rapid real estate development. Nearby pockets located along the Mehrauli-Gurgaon Road, Sohna Road and Golf Course Road, have scarce land left for new projects. In short, New Gurgaon will emerge as a favourite destination on the Delhi-NCR real estate market,” he concludes.
- Leasing activity in Cyber City is expected to increase, as corporates shift to areas with fewer traffic snarls and tolls.
- The expansion of the Metro, is likely to generate more jobs in the region and increase residential activity in the area.
- The standard of living, of people around the Metro areas, is likely to improve as land and property prices rise.
- In the National Capital Region (NCR), property prices have appreciated by 16%-17% annually, after the arrival of metro stations.
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