Residential real estate witnesses 25% price hike in Gurgaon |
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Posted on 8/13/2012 |
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Gurgaon is registering the fastest growth in the real estate sector in the country. Developers are flocking to the region to launch new projects after prices here shot up by as much as 25% in the last one year. Recently, well-established realty players like Godrej Developer, Tata Realty from Mumbai and Sobha Developers from Bangalore launched their projects in Gurgaon. This has further infused the competition in the sector in the region.
A large number of white-collar jobs have been created in Gurgaon after it emerged as a hub for IT and IT-enabled services in northern India. Also, owing to its proximity to the national capital Delhi, several Fortune 500 firms opened their offices here, employing hundreds of high-income professionals. And with Delhi already overcrowded, these people tend to buy houses in Gurgaon itself.
But, the availability of residential units is not adequate. In fact, consultants feel that the gap between demand and supply is still widening. However, the well-developed sectors developed by DLF, and the Golf Course Road, are almost fully occupied. To enable the city to grow, the authority finalized the Gurgaon-Manesar Master Plan-2025.
Under the new Gurgaon-Manesar Master Plan-2025, the availability of land for development and the avenues for new growth corridors have opened up. The new master plan allocates 14,930 hectares of land for residential use, which is good enough for over 58 new sectors. Most of the new developments are taking place in these sectors.
The major developing growth corridors in Gurgaon include the extended Golf Course Road, Sohna Road, Pataudi Road, Manesar, Jaipur Highway and a concentrated growth in Bhiwadi and Dharuhera. The sectors of New Gurgaon, around NH-8, like Sectors 37, 37D, 80, 81, 82, 85, 86, 90, 92, 93, 95, and 99 are registering a tremendous response.
New Gurgaon has become one of the top realty destinations owing to its world-class infrastructure and amenities, connectivity with neighbouring states and close proximity to the IGI airport, and, of course, Metro rail connectivity to Delhi. There are two main clusters in New Gurgaon. One is along the forthcoming Dwarka-Gurgaon Expressway including Sectors 102-113. The other is along the NH-8 including Sectors 76-95. Both these clusters were marketed for affordable and mid-income-category housing.
The sectors of New Gurgaon around NH-8, like Sectors 80-2, 85-6, 90, 9, 92-3, 95, 99, 102, 105-06, and 112, are registering a tremendous response. These sectors have benefited enormously through a proposal by the authorities concerned like Huda (Haryana Urban Development Authority) to let the developers do the sector roads.
According to a report released by Town and Country Planning, Chandigarh, the licence for 6,574.97 acres for commercial, group housing, IT cities, IT parks and plotted development has been given between 2008 and June 2012. To meet the growing demand for housing and commercial space, Huda has plans to develop six new residential sectors and three new commercial sectors.
The forthcoming sectors in New Gurgaon are an ideal showcase of the development in the region; a great deal of construction is on as builders here have plenty to offer those who aspire to own a dream home. These sectors also attract special attention as they are connected to major industrial zones of Manesar, which house industrial units of big firms like Honda, Maruti, Minda, etc. New Gurgaon has today become a preferred destination for lifestyle living and commercial enterprise and is fast turning into a residential and commercial hub.
As these sectors have a huge demand, prices are appreciating. Although still favoured by the budget home-seekers, these areas have also seen launches in the premium segment by top realty players like DLF, Unitech, Tata Housing, Godrej, Raheja Developers, Ramprastha, MGF EMAAR, BPTP, Ansal API, Central Park, Antriksh, Chintels India Ltd, Bestech, Supertech, Assotech Ltd, Sobha Developers, ATS, Orris Infrastructure, Puri Constructions, etc. These premium segments have attracted high net worth buyers and investors looking for capital appreciation opportunities.
Gurgaon-Sohna Road is another stretch showing runaway growth in the real estate sector. The area is being mentioned as the city’s next big site for commercial as well as residential development in the next few years with some of the biggest names in the real estate business already making way into this part of the millennium city.
The sharp rise in the prices in this area’s real estate market is mostly because of modern townships and industrial developments, coming up at a fast rate in various sectors of Gurgaon, plus the new industrial model township projects in places like Manesar, Dharuhera and Bhiwadi. |
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Report: The Times of India
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