Making of a golden corridor

Geetu Vaid

Advertisement

With the commencement of work on the pending portion of the Southern Periphery Road hitting the headlines last month, hopes of those having stakes in real estate projects in the area have also brightened up. The “golden corridor” is being seen as the next hot realty destination in the periphery of Gurgaon by market watchers too.  “Sound connectivity to the existing commercial hubs, major infrastructure developments such as the upcoming metro project, the link to Gurgaon-Faridabad road and SPR’s extension into a six-lane expressway, are working as prime growth stimulators for this emerging housing belt. The focus given to the development of the stretch in the New Gurgaon-Sohna Master Plan 2031 also accentuates its future as one of the profitable investment hotspots in years to come”, says Narasimha Jayakumar, Chief Business Officer, 99acres.com.

“With a slew of entertainment facilities, and proposed mega projects in the vicinity, this area is emerging as a destination for luxury”,  says Rajeeb Dadh, AVB Sales & Marketing Tata Housing Development Company Limited.  

The area

The 16-km road that has been plagued by litigations and land acquisition issues,   would serve as a ring road providing seamless connectivity across major destinations in the NCR region.  It starts from Mehrauli in Delhi and connects NH-8 in Manesar near Industrial Model Township (IMT) Manesar, and offers connectivity to Delhi and its adjoining areas. Prominent residential sectors along the belt include Sectors 69, 70, 71, 73, 74 and 75. All these sectors are in the early stage of development with around two-thirds of the projects being under construction (30 projects are UC while 15 are ready to move-in). 

The connectivity factor has increased the livability factor of the areas abutting SPR where a number of reputed builders, including DLF, Tata Housing, Unitech, Raheja, Ireo, BPTP, Emaar MGF and the Tulip Group are present. Another big plus of the area is that it has something to fit every budget right from studio apartments to 1,2,3,4 BHK apartments to penthouses. The stretch offers maximum inventory of 3BHK units, followed by 4BHK, 2BHK and 1BHK. “This highlights the availability of premium and high-segment housing stock across the stretch”, says Jayakumar. 

Projects and pricing

There are over 44 projects currently under construction in the catchment area of SPR and the total supply of residential units is over 15,000. As the area is still coming up, the price range is lower as compared to other destinations like Sohna Road and Golf Course Extension road. “Average price for SPR is Rs 6,160 p sq ft — much cheaper than Sohna Road (Rs 9,000 p sq ft) and Golf Course Extn Road (Rs 7800 p sq ft)”, says Samir Jasuja, Founder and CEO, PropEquity.    

“SPR enjoys excellent connectivity to Sohna Road — a hub of commercial as well as retail real estate development. Also, It is considered an affordable alternative to markets like Sohna Road and Golf Course Extn Road”, says Jasuja. 

Giving details of the price range available here  Jayakumar informs, “Out of the total projects listed on 99acres.com, six projects fall in the price bracket of Rs 30-60 lakh; 14 projects are in the price range of Rs 60-90 lakh and 19 of these offer housing units priced over Rs 90 lakh, underlining the presence of luxury residential projects across the road”. 

Some of the upcoming projects in the area include Unitech Vistas, Sector-70; Today Royal Elegancia, Sector-73; Unitech South Park, Sector-70; and Spaze Privy Avante, Sector-69.

“The presence of luxury stock by renowned developers at relatively affordable prices than in main Gurgaon also promises a bright future for SPR” adds Jayakumar. 

 A 2 BHK is available in the price range of Rs 21 lakh-Rs 1.55 crore, 3 BHK in the range of Rs 75.8 lakh-Rs 4.8 crore, 4 BHK may cost between Rs 1.5-Rs 8.2 crore. There is plenty of choice in the luxury and high-end segment in all the categories.  Sector-71 has premium projects such as Unitech Espace Premiere Villas and Unitech Alder Grov.

“There is potential for investment and residential purposes owing  to this enhanced connectivity. The scheduled infrastructure projects in Gurgaon will further boost the value of properties in the adjoining areas”, says Rajeeb Dadh, of Tata Housing Development Company Limited. The group has luxury project Primanti coming up in Sector 72.

“However, these infrastructure initiatives are futuristic in nature. Considering bearish market sentiments, one should have a decent time horizon i.e. at least 5-6 years to invest in SPR,” adds Samir Jasuja.