AREA WATCH – New Gurgaon: An exciting destination for investment
Fuelled by affordable property, good connectivity, tremen dous upsurge in infrastructural development and future growth prospects, New Gurgaon is fast emerging as a vibrant residential and commercial hub in the National Capital Region.“New Gurgaon, a real estate micro-market, is one of the two identified growth corridors for residential projects in Gurgaon; the other being Dwarka Expressway, which can also be considered an extension of the New Gurgaon region, though with different drivers for growth,“ says Rohan Sharma, associate director (research & real estate intelligence service), JLL India.
The influence zone of this micromarket extends from the sectors immediately after the Kherki Daula toll plaza and right up to the sectors being developed beyond–all the way till Manesar, on both sides of the highway. “As of date a total of over 51,000 residential apartment units have been launched here across more than 95 projects,“ Sharma says.
According to JLL India, apartment prices have moved annually by nearly 37% and 22% in 2012 and 2013, respectively, compared to previous years. However, prices were largely stagnant over 2014 and showed a slight increment of just around 4% YoY (year on year), as a slowdown effect was visible here, seen across most of the residential markets in NCR.
Projects here have also moved up the value chain with affordable housing projects being the first off the block and subsequent projects slowly moving up to mid-segment and premium housing. It continues to remain one of the relatively less expensive residential micro-markets within Gurgaon and hence has also seen healthy sales volumes over the past years.
Already, over 3,600 residential units have been completed and handed over to buyers with nearly 39,000 more residential apartments likely to be handed over the next three years. This should bring in enough traction for future developments of retail centres, which will be an improvement over the cur rent, existing neighbourhood retail shopping centres which have been de veloped as part of the township proj ects under develop ment here with some towers and projects handed over.
Accessibility and good existing con nectivity has also worked in favour of this worked in favour of this region. “Forthcoming infrastructural projects like DMIC, KMP Expressway, etc, will enhance connectivity of this area, while Dwarka Expressway and internal arterial roads and the development of multiple centres of excellence planed under the DMIC are likely to further provide an impetus to growth around this area. Economic activity will fuel future growth, with existing automobile and ancillary industries in Manesar already doing well,“ Sharma says.
There are already large township projects in New Gurgaon by DLF, Vatika, Orris, Lotus Greens, Supertech, Ramprastha, among others.