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NEW
REALTY HUBS HOLD PROMISE
Faridabad,
Kundli, Sonipat, Manesar and the new locations in Gurgaon are emerging as
the hubs for commercial and residential real estate in the NCR. PRABHAKAR
SINHA writes
In the last couple of years, Gurgaon emerged as a
premium residential and commercial destination in the National Capital
Region (NCR).
A number of Fortune 500 companies have opened their
offices in Gurgaon owing to its proximity to the airport and availability
of a large amount of quality commercial space. Of course, DLF has played an
important role in developing the township as a major commercial centre in
the country.
Industrial and commercial development, in turn, led
to a rise in the demand for residential space. In the last two decades of
development, most of the space in old Gurgaon has almost been exhausted.
This prompted developers to go further down along National Highway 8 to
construct residential and commercial buildings.
The demand for residential units in these areas is
so strong from end users and investors that
the prices have appreciated by almost 50% in the last one year.
In order to provide quality space, developers are
planning to build a slew of integrated townships in the new developing
areas. They are taking innovative steps and bringing best-in-class
townships, which include facilities and infrastructure like shopping
centres, malls, multi-level parking,
hospitals, schools, parks and restaurants. The connectivity to national
highways and the main city and proximity to the airport are some of the
important aspects which are being considered by the various real estate
developers — better the location, higher the price.
Residential property prices on the southern
peripheral road connecting to NH-8 have seen a remarkable appreciation over the
past few months. This location holds great investment potential due to the
enhanced connectivity that NH-8 provides to Manesar and Dwarka. As prices
soar in new locations of Gurgaon like Golf Course Extension, Sectors 70 and
78, buyers have been flocking to these alternative locations.
The region is also high in demand, as it lies close
to the proposed Delhi Mumbai Industrial corridor (DMIC) and the entire
region is expected to have investments aggregating up to $90 billion. The
corridor is attracting heavy investments from Japanese, European and
American countries. Honda Motors, Asahi Glass, Mobis, Saint Gobain, Harley
Davidson, Panasonic and Musasi, etc, have already set up world-class
facilities here.
Another area, which is emerging as an alternative
destination for real estate development in the region is Pataudi Road.
Located at the foothills of the Aravali hills in Gurgaon, Pataudi Road is
set to emerge as the next axis of industrial and commercial development.
The availability of land parcels for residential and commercial development
is one of the main factors driving development in this location.
There is a large influx of well-paid professionals
into Gurgaon every year, which translates into a strong demand for
housing in peripheral areas. The demand also comes from people who want a
second home, either for spending their weekends, or for renting out.
At the same time, they hope that this could be a good
investment, as Gurgaon will expand in the near future. NRIs also account
for a large portion of the demand.
In several high-end complexes, corporates have
bought apartments in bulk to house their senior executives. The biggest
strength of this area lies in the massive employment opportunity available
within a 10-15km radius
As per the new Gurgaon Manesar Master Plan 2021-25,
the availability of land for development has opened up huge possibilities,
mainly in the new sectors along Gurgaon-Pataudi Road, slated to emerge as a
growth corridor in the near future. A draft development plan for
Pataudi town is also being prepared.
The KMP Expressway was the driving force behind the
rise of Gurgaon-Pataudi Road as a potential destination for investment as
well as a catalyst for projects like Special Economic Zones (SEZs) by
Reliance and Rahejas. With the advent of these commercial projects, a
number of residential projects have also been launched. Gurgaon-Dwarka
Expressway is expected to emerge as a lifeline to Pataudi Road, as it
provides a direct link to the IGI airport and will enable a drastic
reduction in travel time between Delhi and Gurgaon. With traffic
congestions mounting on NH-8 and MG Road, Dwarka Expressway will become the
preferred route to Gurgaon.
Vijay Gupta, the CMD of Orris Infrastructures Ltd,
which is developing Orris Aster in the region, says: “Gurgaon-Pataudi Road
is coming up as a potential real estate hub because of its proximity to
completed, forthcoming and proposed transport links. Our ongoing projects
like Orris Aster Court and Orris Carnation Residency are among the largest
group-housing developments in New Gurgaon, which offer a charming blend of
contemporary Indian living with the best of modern amenities.”
Besides the NH-8, hectic development is also taking
place at Faridabad and Kundli-Sonipat. Faridabad is home to many national
and multinational firms. According to the NCR Regional Plan-2021, the
city’s population is set to rise to 21.3 lakh by 2021. Keeping this in
mind, the Town and Country Planning Department of Haryana has prepared a
20-year development plan for the whole of Faridabad. Huda is acquiring land
and developing new sectors in Faridabad for this purpose.
The city will soon be connected to Delhi through
the Metro line. According to a DPR (detailed project report) submitted by
the DMRC to the Haryana government, the 13.8km Metro line from Badarpur to
Faridabad’s YMCA Chowk will be elevated and have nine stations. The Haryana
government has approved a budgetary allocation of Rs 1,588 crore for this
project.
Neharpar area in Faridabad, spread in different
sectors including Sectors 75, 76, 81, 82, 85 and the posh Sectors 14 &
15, has a number of projects by developers like BPTP, Omaxe, SRS, Puri
Construction, Universal Group, ORS Infrastructures, Iris Abode Pvt Ltd, and
RPS
visit http://www.rentgurgaon.com
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