GURGAON GETS BIGGER
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).