GURGAON GETS BIG­GER

HT Estates - - Front Page -

Ex­perts say the units will be priced above R5000 per sq ft.

A 75 m road par­al­lel to the NPR that starts from Delhi and ends near the NH8 has also been in­cluded in the new plan. In the ear­lier plan, the road ended be­hind Sec­tor 99 but will now touch the NH8 be­tween sec­tors 77 and 78. “This will im­prove con­nec­tiv­ity of sec­tors 82, 85, 88A, 88B and 89A. Some sec­tors such as 88A, 88B and 99A will get dual ben­e­fit of both the 75 m road and the 150 m NPR. Projects in Pataudi Road will also ben­e­fit,” points out Anckur Sri­vast­tava of GenReal Ad­vis­ers.

De­vel­op­ers, too, are op­ti­mistic. Nikhil Jain, Ram­prastha group CEO, terms the new plan “pro­gres­sive”. “The ad­di­tional sec­tors mean there will be more res­i­den­tial stock. New launches have de­clined over the last year but the trend will pick up now. The new roads in­cluded in the plan will im­prove ac­ces­si­bil­ity,” he says.

But will the supply-de­mand mis­match lead to cor­rec­tion in prices? The es­ti­mated un­sold in­ven­tory in Gurgaon to­day stands at 46 mil­lion sq ft in­ven­tory (as per the sec­ond quar­ter 2012 pro­jec­tions by con­sult­ing firm Li­ases Fo­ras). “This will only fuel spec­u­la­tion,” says Pankaj Kapoor of Li­ases Fo­ras.

Bro­kers ac­tive in the mi­cro mar­ket dis­agree. “Most of these newly added res­i­den­tial sec­tors are lo­cated in es­tab­lished lo­ca­tions. The new launches in these sec­tors are not ex­pected be­fore at least a year. Prices would have al­ready firmed up be­fore new supply hits the mar­ket,” says Pankaj Jain, joint man­ag­ing direc­tor, realistic re­al­tors.

The new sec­tors also throw up few op­por­tu­ni­ties for af­ford­able hous­ing as most of them are de­vel­oped and strate­gi­cally lo­cated near the in­ter­na­tional air­port. “One can, there­fore, ex­pect only mid and high-end units in these ar­eas. The sec­tors are woe­fully in­ad­e­quate for af­ford­able hous­ing. Some pro­vi­sion ought to have been made for worker hous­ing close to Mane­sar where the worker pop­u­la­tion is high,” adds Naveen Ra­heja, pres­i­dent, Na­tional Real Es­tate De­vel­op­ment Coun­cil (NAREDCO).

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