By: Ravi Sinha
Track2Realty Exclusive
If you think prime locations in the NCR have hit the roof and you missed the dream rally in having a reasonably priced home, there is no reason to look at the secondary locations. In an expanding National Capital Region (NCR) while some of the locations deter you due to its less appreciation potential or controversies galore, then probably your property hunt has not led you to the destination next of the region—New Gurgaon.
Even during the cautious phase of property transactions in recent past when the market was treading cautiously with negative reports in the wake of developments at Noida Extension, and the buyers looking for answer to decent housing solutions without compromising with their ever increasing aspirations, New Gurgaon registered the highest transactions, appreciating capital value and most importantly new launches.
Almost all the leading realtors like DLF, Emaar, BPTP, Raheja, Ansals, Vatika, SS Group, Tulip Infrastructure, India Bulls Real Estate, among others have increased a sizeable presence in New Gurgaon, of late. On the given parameters of locational advantage New Gurgaon scores over its peer locations in Noida Extension, Faridabad or NH 58 in terms of Master Plan Development, improved connectivity to Delhi, infrastructure and density of population. Northern periphery road that will connect Dwarka to Delhi and southern periphery road will connect to Delhi and Faridabad is giving an edge to New Gurgaon. KMP expressway is also in close proximity and Metro has been planned till Manesar as per MPD 2021 of Gurgaon.
The moot point today among the real estate analysts is whether New Gurgaon is the Destination Next in the NCR property. Neeraj Bansal, Director, Risk Consulting at KPMG India says though prices are similar to those for developments in Noida; New Gurgaon has the potential for providing competition to Noida.
“New Gurgaon is predominantly marketed as affordable and mid-income housing catchment. A large portion of demand for mid-sized housing in Gurgaon has been diverted to this region. The area has good potential as a future residential hub, which can make it a favourable destination for MNCs in the future. However, the completion of infrastructure development will finally boost demand for commercial office space in this sector,” says Bansal.
Experts agree that the location of New Gurgaon is close to Delhi as against other upcoming locations of Gurgaon such as Sohna Road, Golf Course Road and Golf Course Road Extension. The area is next to the commercial/ industrial area of Manesar containing 260 large industrial units and 8,000 small units. Further, it provides faster access to the International Airport (6 km); National Highway 8 ; Guragon Railway Station (walking distance); Huda City Center Metro Station (5 km); Dwarka and West Delhi.
The location is likely to get boost because of the expressway. The Sectors that will reap benefit from the expressway are Sector 83-84 and Sectors 99-113. The proposed SEZ to be constructed near Dwarka Expressway and proposed Metro Corridor (near Delhi Gurgaon Border) is likely to increase the demand for residential complexes in the location. This is likely to increase the capital value of the location. Further, with the infrastructural developments in the location and projects attaining completion, Dwarka Expressway is likely to witness an increase in affordable housing in the next few years.
DLF which has a sizeable presence in New Gurgaon finds the similarity of the location with Gurgaon and aims at developing the region as a haven for blue collar jobs that transformed Gurgaon to the bustling metropolis it is today. DLF spokesperson Sanjey Roy says New Gurgaon offers a similar scenario of development as the Commercial business district at Sectors 74A and 75A have the potential to be the destination of choice for leading companies to set up their offices. According to him, the development work has been far more organized and no ugly issues of land acquisition have reared up in New Gurgaon unlike the other emerging locations in the NCR.
“New Gurgaon is shaping up as the next big hub for residential and commercial development, it has everything a zone has to offer whether it be top of the line luxury homes like The Primus, exclusive residential gated plotted colony like Alameda or lifestyle homes like New Town Heights or Express Greens. New Gurgaon also offers world class amenities like the shopping complex Galleria 91, Modern school is also set to open its Gurgaon branch at sector 91. There are large scale infrastructural development works in progress and over 3000 flats are nearing completion soon which shall fast track. The habitation of this promising zone,” says Roy.
What actually is proving to be an icing on the cake of new Gurgaon is the fact that the political climate in Haryana is far more conducive as compared to Uttar Pradesh. As a matter of fact, in a bid to enhance New Gurgaon to overshadow its NCR counterparts in providing world class infrastructure and living standards, the Haryana Government has planned multiple development activities in the region. The authorities are busy constructing expanded ways for convenient navigation and seamless connectivity. All this makes new Gurgaon the Destination next in the NCR property market. And for those who missed the first-movers-advantage in Gurgaon last time, opportunity seem to be knocking the second time around.
