NEW REALTY HUBS HOLD PROMISE

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