Real Estate body NAREDCO urges Haryana Government to expedite work
Real Estate Industry body, NAREDCO has urged the Haryana Government to speed up work for completion of the much awaited Kundli-Manesar-Palwal Expressway (KMP). The work on the proposed expressway was supposed to get completed by 31 March of this year. The date has now been postponed to mid of June 2017.
According to officials of the Haryana State Industrial and Infrastructure Development Corporation Ltd. (HSIIDC), about 70 percent of the civil work on the 83-km stretch between Manesar and Kundli has been completed and the remaining construction is expected to be done by mid of June. KMP, which is also called the Western Peripheral Expressway, is around 136 km long expressway and connects Kundli in Sonepat district, Manesar in Gurugram District with Palwal District. The entire construction has been delayed by over seven years for several reasons including the operational inefficiencies, controversies around land acquisition and various other litigations. After much delay, on 5 April 2016 the 53 km stretch between Manesar and Palwal was opened for public use.
When completed, the Expressway will vertically connect Gurugram to Sonepat and Kundli which are the emerging as residential hubs on NH1.
Commenting on the advantages of the completion of the mega project, Parveen Jain President NAREDCO said, ?The opening up of the Expressway will provide a plethora of socio-economic development opportunities to the entire region. The completion of the remaining stretch is the key to unlock the growth potential in the region. A number of housing, commercial and infrastructure projects have been planned along the route. Completion of the entire project within the stipulated timeframe will help the region to prosper.?
NAREDCO plans to submit its request to the Haryana Government. ?Very soon we will be sending our submission to the state government. Hopefully, government will look into our long pending demand. The completion will positively impact the development of Sonepat-Gurugram, stretch, which is now becoming a prime real estate destination in the region,? added Jain.
Sonipat, a satellite city of Delhi and located 20 km from North of Delhi, is already witnessing large-scale developments in all sectors – residential, commercial and retail. It has been marked as one of the prominent industrial zones of Haryana. With sky-rocketing property rates of Delhi, Gurgaon and Noida, real estate in Sonepat offers good options to all sections of buyers.
With completion of KMP, the city is set to become another real estate hub like Gurugram and Noida? disclosed Vijay Arora, Vice President, Jindal Reality Pvt. Ltd. who is developing 650 acre Sonepat Global City on the stretch.
The Sonepat-Gurugram stretch in particular has seen massive development. But in comparison to Gurugram and Noida, prices have remained low. With the current average rate in Sonepat being in the range of Rs 2,700-2,900 per sq ft, property rates in the region has remained stable and firm over the past two to three years. On account of the stability in prices, the region has seen residential and infrastructural development. A number of developers have already brought their projects in the region.
The biggest positive about the region will be its connectivity. While a transit oriented development is already being planned, the Expressway itself will reduce the travel time drastically. Due to low price points, smooth connectivity with North and West Delhi, the city offers good potential in the near future. Serving to the basic day-to-day needs, social infrastructure and amenities including educational institutions, hospitals and markets are abundant in the region.
The city is also being developed as an international-level education hub due to The Rajiv Gandhi Education City, a futuristic project by the Government of Haryana, hosting 10 universities. This has given a lot of importance to the area. Spread over an area of 2,500 acres with investment of nearly Rs. 15,000 crore and creating job opportunities for about 50,000 people, this educational hub is touted to give a boost to the real estate sector in the region. Besides being an educational hub, Sonepat is also being developed as one the largest industrial zones of Haryana.
Leading brands like Atlas Cycles, Hilton Rubber, ECE, Hindustan Everest Tools and Satnam Overseas already have their units in the city and many more are planning to come here. This is definitely leading to a lot of job opportunities and attracting many people to the region. Hence, the real estate sector in the region is touted to grow.