Greater Gurgaon, the new marketing name of Sohna Road, is now one of the top destinations for the real estate sector in the Delhi NCR. ABHIGYAN writes

Located 24km from Gurgaon city, Greater Gurgaon, the newly-notified area in the new Master Plan, is the new marketing name for Sohna Road.

According to Sohna Master Plan, 2031, the newly developing realty zone is promising to be a perfect destination for end users, investors, and professionals.

A number of developers and promoters like Raheja Developers, IREO, Gold Souk, Avlon, Central Park, Tata Housing, Godrej Properties, MVL, Universal, ILD, Parsvnath, Paras, Homestead, etc, have already started acquiring land banks in the area and those with SEZs (special economic zones) are mulling land-use change.

New master plan

According to the new master plan for Sohna, an area of 6,110 hectares would be developed with a residential density of 300 people per hectare.

The development plan of Sohna has been prepared for a projected population of six lakh people. Over 28% of the area would be developed as residential sectors and 20% of the area for industrial purpose.

Under the new master plan, the 1483km-long Delhi-Mumbai Industrial Corridor (DMIC) is located close to the forthcoming realty projects. Also, all the mega industrial and infrastructural projects coming up along DMIC, along with the Kundli-Manesar-Palwal (KMP) Expressway corridor, will only add to the value of investments here.

Under the new mas ter plan, 2,600 acres has been reserved for green and open spaces and 5,000 acres for residential and commercial development in over 20 sectors.

Apart from this, 1,600 acres of land is to be developed for an IMT (Industrial Model Township) by Haryana State Industrial & Infrastructure Development Corporation (HSIIDC). The Haryana government's plan for development of theme hubs like leisure hub, sports hub, and leather hub along KMP Expressway has been notified; the hubs are a part of the final development plan for Sohna.

HSIIDC has asked for an additional 1,500 acres for future expansion of the township. Three of the theme parks on KMP Expressway--World Trade City, Entertainment City, and Fashion Cityare proposed to be developed in this town. The town has a high potential for development. The Dedicated Freight Corridor (DFC) linking Delhi to Mumbai passes along the southeast ern side of Sohna; land has been ac quired for the DFC.

Why Greater Gurgaon

Apart from good connectivity, this area also has good modern infrastruc ture, prominent educational institu tions, hospitals, malls, etc.

With further developments in infra structure and increasing commercial opportunities, the location has over the years become the centre of Gur gaon. A report says that Greater Gur gaon enjoys a niche position in the re alty market today. With new realty projects coming up in the area, the population of Greater Gurgaon is ex pected to grow by 10 times by 2031.

Considering these all these factors, it is the best time to enter this market for as most of the big real estate names from the NCR, Mumbai, and Banga lore are actively looking for buying residential FSI's in this emerging real estate destination.

According to the development plan, Greater Gurgaon's realty market will be an independent market and will be unaffected by price movements and ab sorption of projects along Dwarka Gurgaon Expressway or Golf Course Extension Road.

For example, the group-housing projects on Golf Course Extension Road are priced at over Rs 11,000-Rs 12,500 per sq ft but in Gurgaon-Sohna Road they are still around 5,000-6,500 per sq ft.

Thus, Greater Gurgaon market is expected to cater to the affordable segment. A proof of this lies in the high number of transactions taking place in this area.

Navin Raheja, the CMD of Raheja Developers, says: “With improving infrastructure, fast connectivity, and forthcoming world-class realty projects, this fast developing new real estate destination is ready to cater to the needs of homebuyers, across segments, looking for properties in Gurgaon and its nearby areas at affordable prices compared to other localities.The areas falling on the new 150-metre wide link road from Golf Course Extension Road of Gurgaon will not only enjoy a premium positioning but will also have an advantage in terms of visibility and location among all the other sectors within Greater GurgaonSohna Master Plan.“

Brotin Banerjee, the MD and CEO of Tata Housing Development Company, says: “Greater Gurgaon has emerged as a one of the top destinations in the real estate sector. Owing to its easy accessibility and connectivity from NH8, IGI airport, Golf Course Road, and Delhi, it will prove to be a perfect destination for end users, investors, and professionals.“

“The growth in the Sohna Road in luxury and ultraluxury market has also been propelled by NRI segment and investors capitalizing on the appetite in the market for the large number of property options like luxury flats, duplex units, executive apartments, and bungalows. With rising disposable income, changing lifestyle and increasing global exposure, Greater Gurgaon has driven the demand for luxury and ultraluxury homes,“ Brotin Banerjee said.