The expansion of Gurgaon, along the northern and southern peripheries has offered a new hope to home buyers — many of whom were considering moving towards Manesar, Alwar and Bhiwadi, due to high costs in the Millennium City.
To manage the economic and demographic growth in Gurgaon, the Haryana Urban Development Authority (HUDA) has carved 58 new sectors, a number of these along the Southern Peripheral Road (SPR), connecting Badshahpur Chowk to NH8 near Kherki Doula; as well as the Dwarka Expressway (also called Northern Peripheral Road, NPR). As per the Master Plan, 14,390 hectares land have been reserved for residential use, whereas 5,441 hectares have been reserved for industry, 4570 for SEZs, and 1404 hectares for
Grabbing the opportunity, a number of developers have already announced projects along both the roads. Real estate analysts say the Golf Course Extension road, which is a part of the SPR, will be the major growth corridor in the short term.
Proximity to New Gurgaon, good connectivity with New Delhi and Faridabad, metro rail in the near future, and presence of many schools, hospitals and shopping malls nearby, are some factors that favour this area.
Ajay Midha, MRICS, Director of Ray White Gurgaon, an international consultancy, says that Golf Course Extension road already has the ecosystem needed for the development of a sub-city. “This road is close to developed Gurgaon, and most of the buyers want to live here, especially those who are working in IT/ITes and corporate majors based in Gurgaon”, he adds. Also, most prospective buyers are people presently living in rented accommodation in Gurgaon, who either want ready-to-move-in properties, or those which will be delivered in two or three years, as is the case here.
Despite having everything going for it, a major drawback for the Golf Course Extension road is the skyrocketing prices, and development of mostly high-end properties, that only suit the budget of the affluent.
The going rate in the area is already Rs 6,000 to 8,000 per square feet, depending on the location and quality.
In comparison, the NPR currently looks like a country cousin, with non-existent infrastructure, and large towers being built amidst green fields and kuccha roads. The road is being built in patches, as litigation has stalled the acquisition of land in some stretches.
The key positives here, however, are better connectivity with Delhi in future, proximity to the international airport, lower property rates, and presence of institutional and commercial sectors.
Besides, six to seven million square feet area is likely to be developed as office space in the commercial corridor.
Sanjay Sharma of Qubrex predicts a time period of 10 to 12 years for the NPR to come up, and wants investors to be careful while buying property.
Caution, it seems, is the byword for prospective buyers on the Dwarka Expressway, as construction in most of the projects is still to gain traction.
The pace of work on a number of ongoing projects in this area is slow, as builders are first pressing for better infrastructure in these new sectors.
Another problem is the acquisition of land, as almost a 4 km area is yet to be acquired, because of litigation.
A writ petition filed by New Palam Vihar residents, against the eviction orders issued by HUDA, has also proved to be a major road block.
Moreover, a part of the NPR is also supposed to be developed by the New Delhi government – but the acquisition of land is yet to start in the National Capital Region, cautions an insider.
Advising the buyers to take a long-term view, real estate analyst Vikas Rikhiye says, “People must understand that this road map is for 2021, so all the facilities will come only in the later part of the decade”, adding that high expectations will hurt investors.
Rikhiye also suggests people review the track record of builders before investing, as the majority of projects are likely to end up being delayed.
Despite these hiccups, real estate observers say that there is still hope. A number of politicians and builders have taken large tracts of land along this road. “When politicians arrive, it means the government is serious towards the development in the area”, says a consultant.
Both Golf Course Extension road and the NPR have many possibilities, and promise to take Gurgaon to the next level of growth – the only difference lies in the time horizon.While the former is expected to deliver the goods in the next three to four years, the NPR may take another decade to become the future economic and financial hub of Gurgaon — provided the urban development bodies and the government get their
Northern Peripheral Road
18 km long road, connecting Dwarka with Gurgaon, via Bijwasan, New Palam Vihar and Garhi Harsaru.
210 metres wide, with 30 metres of green strip, as well as two service lanes on either side.
Major developers: Emaar MGF (Sec 107, 102, 103, 99, 82, 84), Sobha Developers (Babupur and Bajghera), Puri Construction (village Chauma near Palam Vihar), BPTP (Sec 99, 102, 104, 113 and other sectors), Raheja (village Pawla), Uppal Housing (99), Mahindra Lifespaces (110A), Bestech (Sec 81, 82, 92) and Vatika (Sec 82 and 83).
Commercial belt: Sec 105, 106, 109, 110, 110A, 111, 112, 113
Public utilities: Sec 100 and 101
Commercial usage: Sec 114 and 88
Institutions: Sec 115
Property rates are between Rs 3,000 and 4,000 per sq feet
Southern Peripheral Road
The SPR will extend from Badshahpur Chowk, and reach NH-8, and it would be 75 metres wide, with service lanes on either side. The Golf Course Extension road will connect Badshahpur Chowk to Golf Course Road, and will be a part of the Southern Peripheral Road.
The major projects coming up on this road are Ansal Essencia, M3M Golf Estate, Emaar MGF, IREO Floors, Emaar Palms, Pioneer Park and IREO Victory Valley.
This road connects SPR to Faridabad, Sohna, New Delhi, and other developed parts of Gurgaon.
Rates are high, as properties fetch anything from Rs 6,000 to Rs 8,000 per square feet.
The sectors coming up on this road are 58, 59, 60, 61, 62, 63, 64, 65, 66, 67 and 67A